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.
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.
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