Parul
The Novel Coronavirus, COVID-19 has infected the world, impacting lifestyles, businesses and world economies. This world crisis has now been aggravated by the demand, supply and liquidity shocks that COVID-19 has inflicted.
In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals the government has decided to issue all the pending income-tax refunds up to Rs. 5 lakhs, immediately. This step of the government is likely to benefit around 14 lakh taxpayers.
In fact, it has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including the micro, small and medium enterprises (MSMEs). Thus, the total refund granted will be approximately Rs. 18,000 crores.
SOURCE: PIB
