Tax refunds to the tune of ₹18000 crores to be released

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.