Additionally, all pending GST and custom refunds of Rs 18,000 crore will also be released to provide relief to 1 lakh business entities.
New Delhi| In a measure that is expected to provide relief to the taxpayers amid the outbreak of deadly coronavirus (COVID-19), the government on Wednesday decided to release all pending income tax refunds up to Rs 5 lakh immediately.
In a press note released by the finance ministry, the government said that the move will benefit as many as 14 lakh taxpayers.
In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs.5 lakh & GST/Custom refunds with immediate effect.@nsitharaman @nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India @cbic_india #StaySafe pic.twitter.com/sF0cU8WyA1
— Income Tax India (@IncomeTaxIndia) April 8, 2020
All GST and custom refunds will also be released, which will provide benefit to around 1 lakh business entities, including MSMEs,” said the Department of Revenue under the Ministry of Finance, adding the total refund granted will be approximately Rs 18,000 crore.
The latest move by the finance ministry comes after the government last month decided to provide a fiscal stimulus package worth Rs 1.7 lakh crore to help the poor and migrants tackle the financial difficulties arising from the coronavirus (COVID-19) outbreak and the 21-day nationwide lockdown that began the previous day.
India has recorded 149 deaths linked to coronavirus, with 35 dying in the last 24 hours alone. The latest data from the Union Health Ministry takes the total number of COVID-19 cases in the country to 5,194 cases. This is the biggest spike in both the number of cases and deaths.
The numbers spiked amid hectic discussions for a possible extension of the 21-day lockdown beyond April 14 as several states announced plans to ramp up their testing infrastructure and put in place strong ‘cluster containment’ plans in areas identified as hotspots of the outbreak.