Income Tax Refund: Big relief for 14 lakh taxpayers, others! Rs 18,000 crore to be refunded

Income Tax Refund: In the wake of Coronavirus lockdown affecting normal life both socially and financially of the public, the Narendra Modi government has ordered the immediate clearance of pending income Tax refund cases where the claim amount is up to Rs 5 lakh. The Ministry of Finance issued notification in this regard on Wednesday citing the move will be a great relief for around 14 lakh income tax payers. The notification also announced to clear pending cases related to GST refund and customs refund of the MSMEs. The ministry also granted around Rs 18,000 crore to the Department of Revenue to clear all above-mentioned refund cases immediately.

The Ministry of Finance issued notification in this regard saying, "In the context of the COVID-19 situation and with a view to provide 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."

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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.

See Income Tax Department tweet below:

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

The Income Tax Department informed about the development through a tweet that said, "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."