Relief to Taxpayers _ IT , GST & Customs Refunds to be Released

BIG Relief to Taxpayers –

Refunds Released to tackle COVID19 Pandemic

Key Highlights:

·         IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit

·         All GST & CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs

·         Rs 18,000 crore of total refund granted immediately

Overview:

Ministry Of Finance  vide Press Release id No. 1612291 dated 08th April, 2020 has published news Income Tax Department to release all pending income tax refunds up to Rs 5 lakhs immediately including All GST & CUSTOM refunds.

·         Brief :

·         Ministry of Finance (MOF) has decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately.

·         This would benefit around 14 lakh taxpayers.

·         Aim is to provide immediate relief to the business entities and individuals.

·         To issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME

·         The total refund granted will be approximately Rs. 18,000 crore.

·         Link of the order copy:

https://pib.gov.in/PressReleseDetail.aspx?PRID=1612291 

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