NEW DELHI : The finance ministry said on Wednesday it will immediately release as much as Rs18,000 crore in tax refunds to individuals and businesses to provide relief in the wake of the Coronavirus crisis.
The move is set to benefit around 1.4 million individual taxpayers as well as 100,000 businesses. The move follows the Narendra Modi administration’s recent step to offer relief in interest, fee and penalty for late filings of various statutory forms amid a nation-wide lockdown to fight back the pandemic. “It has been decided to issue all the pending income-tax refunds up to Rs.
five lakh, immediately," said a statement from the ministry. It also said that it has been decided to issue all pending Goods and Services Tax (GST) and customs