All Pending Income Tax, GST Refunds To Be Immediately Released; To Benefit 14 Lakh Taxpayers, 1 Lakh BusinessesPrime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.

The Finance Ministry in a notification dated 8 April announced that pending Income Tax refunds up to Rs 5 lakh and all pending GST, Customs refunds will be released immediately.

Finance Ministry Press Note
Finance Ministry Press Note

As per the notification, this move is designed to benefit 14 lakh taxpayers and 1 lakh businesses including MSMEs in light of the prevailing Covid-19 situation. The total refund amount is pitted to be in the range of Rs 18,000 crore.

It was reported earlier that the Finance Ministry is also expected to come up with an economic package - even larger than the Rs 1.7 lakh crore announced recently, to benefit taxpayers and industries which have been affected by the nationwide lockdown.

It will address the demand and supply side issues facing the country, but its contours and timing of the announcement is yet to be worked out, senior government officials privy to the development said.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement