In order to tackle the financial crisis faced by the individuals and companies during the COVID-19 pandemic and to provide an immediate relief, Ministry of Finance, Government of India ("Ministry of Finance") vide its Press note on 8 April 2020, has decided to issue all the pending refunds relating to income tax immediately. However, the said reform shall apply only to the refund amounting upto INR 5 lakh. It was stated in the press note that it would be a relief for approximately 14 lakh tax payers.
Ministry of Finance has also informed that it shall issue all the pending refunds relating to GST and Customs as well. Approximately 1 lakh entities will be benefited out of this decision.
Hence, the total refund granted by Ministry of Finance will be around INR 18,000 Crore.
Notification in this regard has not been released.
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