IT Dept To Release All Pending Income Tax Refunds Up To Rs 5 Lakh Immediately

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


In the view of the novel coronavirus (COVID-19) outbreak and with a view to providing immediate relief to the business entities and individuals, the Income Tax (IT) department has been decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately. This would benefit around 14 lakh taxpayers.

The IT department will also release all GST and custom refunds to around 1 lakh business entities, including micro, small and medium enterprises. Thus, the total refund granted will be approximately Rs 18,000 crore.

The Finance Ministry is also planning a stimulus package of more than Rs 2 lakh crore, for giving a fillip to the economy as the country is battling with the virus crisis and lockdown.

Photo credit: