The government will immediately issue about Rs 18,000 crore as pending income tax refunds to individuals and businesses, in a bid to provide relief to taxpayers amid the COVID-19 crisis.
Income tax refunds to individuals, up to Rs 5 lakh that have been pending will be released quickly, which will benefit some 14 lakh people.
“In the context of the COVID-19 Situation and with a view to providing immediate relief to the business entities and Individuals it has been decided to issue all the pending income tax refunds up to Rs. 5 Lakh, immediately this would benefit around 14 lakh taxpayers
It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities including MSME. Thus the total refund granted will be approximately Rs. 18000 crore.”