In a press release, it is decided by the government that pending refunds will be released. In case of income tax all pending refunds upto Rs. 5 lac will be released. In the case of GST and customs also refunds will be released soon. This will be a big relief for all taxpayers. Due to lockdown industries are facing a lot of stress.
following is the text of the release.
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. 18,000 crore.
