Pending income tax, GST and customs refunds amounting to ₹18,000 crore are to be released immediately to provide relief to 14 lakh taxpayers and one lakh businesses.
The Centre has decided to immediately release tax refunds to the tune of ₹18,000 crore, in a bid to provide relief to individual taxpayers as well as businesses struggling with the COVID-19 pandemic and lockdown situation.
On Wednesday, the Finance Ministry announced that all pending income-tax refunds up to ₹5 lakh would be released immediately by the Income Tax department. This would benefit about 14 lakh taxpayers, according to an official statement by the Ministry.
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All pending refunds for Goods and Services Tax and customs will also be issued, benefiting around one lakh business entities, including Medium and Small Enterprises. The total refund granted will be approximately ₹18,000 crore, the Finance Ministry said in the statement.