All pending Income Tax refunds to be released immediately
New Delhi : To provide some relief to the taxpayer in the time of coronavirus crisis, the government has decided to release all pending Income Tax refunds up to Rs 5 lakh immediately. 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.
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, Finance Minister Nirmala Sitharaman said on microblogging website Twitter.
All pending GST and custom refunds will also be released benefiting close to 1 lakh businesses, the note stated. The total refund amount will be to the tune of Rs 18,000 crore, finance ministry said.
The press note released by the government mentioned that with this around 14 lakh taxpayers will get benefited.
Meanwhile, PM Modi on Wednesday hinted that going by the current situation of the nation, it is not possible to lift lockdown on scheduled April 14. In a video meeting with leaders of all parties, PM Modi reportedly said he would consult with Chief Ministers but by all accounts the lifting of the lockdown "is not possible".