News Cover
Business

All Pending Income Tax Refunds as much as Rs 5 Lakh to Be Released Immediately; 14 Lakh Taxpayers to Benefit

Picture for representation. (Getty Images)

Picture for illustration. (Getty Images)

The resolution has been taken within the aftermath of the COVID-19 state of affairs and with a view to supply speedy reduction to the enterprise entities and people, stated the Department of Revenue.

  • News18.com New Delhi
  • Last Updated: April 8, 2020, 11:37 PM IST

The Income Tax Department on Wednesday stated it should launch all pending earnings tax refunds as much as Rs 5 lakh instantly, in a transfer that may profit round 14 lakh taxpayers.

The authorities may also concern pending GST and customs refunds of Rs 18,000 crore to supply reduction to enterprise entities.

“All GST and custom refunds will also be released, which will provide benefit to around 1 lakh business entities, including MSMEs,” stated the Department of Revenue underneath the Ministry of Finance, including the whole refund granted will probably be roughly Rs 18,000 crore.

The resolution has been taken within the aftermath of the COVID-19 state of affairs and with a view to supply speedy reduction to the enterprise entities and people, stated an announcement from the division.

It has additionally been determined to concern all pending GST and Custom refunds which would offer profit to round 1 lakh enterprise entities, together with MSMEs.

There have been about 150 deaths in India attributable to COVID-19 pandemic and over 5,000 constructive instances.

Related posts

Leave a Comment