I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately

The move is aimed at helping many overcome cash crunch due to nationwide lockdown, and is expected to benefit 1.4 million taxpayers

In a relief to businesses and individuals, the government has decided to issue pending refunds for income tax, goods and services tax (GST) and customs worth Rs 18,000 crore immediately to benefit scores of taxpayers amid coronavirus lockdown in the country. The move is aimed at helping many overcome cash crunch due to temporary closure of shops and business operations as well as delayed salaries and job losses.
 

“In the context of the Covid-19 situation and with a view to provide immediate relief to business entities and individuals, it has been decided to issue all pending income-tax refunds up to