Pending tax refunds up to Rs 5 lakh to be issued immediately: I-T Dept

"It has also been decided to issue all pending GST and Customs refunds which would provide benefit to around 100,000 business entities, including MSMEs," the I-T department said

Bs_logo — The Income tax department's move will benefit 1.4 million taxpayers

money, tax — The Income tax department's move will benefit 1.4 million taxpayers

1 min read Last Updated : Apr 08 2020 | 10:33 PM IST

In a bid to provide immediate relief to business entities and individuals amid coronavirus crisis, the Income Tax department has decided to issue all the pending refunds up to Rs 5 lakh, immediately.

The move will benefit over 1.4 million taxpayers across the country.

“It has also been decided to issue all pending GST and Customs refunds which would provide benefit to around 100,000 business entities, including MSMEs,” the I-T department said in a statement.

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Thus, the total refund granted will be approximately Rs 18,000 crore.

There have been about 150 deaths in India due to COVID-19 pandemic and over 5,000 positive cases.