Tax refunds to the tune of ₹18000 crores to be released
The move comes as a measure to cushion the economic impact of the Chinese virus on small and medium enterprises and also on individual taxpayers.
The Central Government on Wednesday, decided to clear off pending income tax, GST and custom refunds amounting to 18000 crores immediately coming as a relief to over 14 lakh tax payers and 1 lakh businesses.
In a bid to provide relief to the individual taxpayers and small and medium businesses, the Finance Ministry on Wednesday announced that all pending income-tax refends upto 5 lakhs and all pending refunds for Goods and Services Tax and customs will be released immediately.
The move comes as a measure to cushion the economic impact of the Chinese virus on small and medium enterprises and also on individual taxpayers.