In the view of the novel coronavirus (COVID-19) outbreak and with a view to providing immediate relief to the business entities and individuals, the Income Tax (IT) department has been decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately. This would benefit around 14 lakh taxpayers.
The IT department will also release all GST and custom refunds to around 1 lakh business entities, including micro, small and medium enterprises. Thus, the total refund granted will be approximately Rs 18,000 crore.
The Finance Ministry is also planning a stimulus package of more than Rs 2 lakh crore, for giving a fillip to the economy as the country is battling with the virus crisis and lockdown.
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