The finance ministry on Wednesday ordered immediate release of income-tax refunds involving amount up to Rs 5 lakh to provide cash in hands to 14 lakh taxpayers who might be facing liquidity crunch due to the nationwide lockdown, an official statement said.
Similarly, all Goods and Services Tax (GST) and customs refunds will also to be released to provide immediate cash in hand to about one lakh business entities, including micro, small and medium enterprises (MSMEs), it said.
The government has already granted refunds worth Rs 18,000 crore. “In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately,” the statement said.