The income tax department amid Covid 19 wherein business sentiment has been dented severely has decided to release all pending income tax refunds up to Rs. 5 lakh on an immediate basis. The move will directly benefit as many as 14 lakh taxpayers in the country.
Also, there has been announced that all pending GST and custom refunds shall also be released, benefitting 1 lakh business entities including SMEs.
So, as per the ministry a total of Rs. 18000 crore will be released in refund.