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09 Apr 2020Posted By: Mudit Handa


Government to Release Income Tax Refunds up to ₹5 lakh immediately

In the wake of the outbreak of Novel Coronavirus disease aka COVID-19, the Income Tax Department has now decided to immediately release the Income Tax Refunds to the tune of ₹5 lakh right away to the taxpayers.

Everyone knows that the world is facing the threat of Novel Coronavirus or COVID-19, which has now been declared a global pandemic. It has caused great economic disruption in India. Our government has already imposed a curfew till 3rd May 2020, and this has uprooted the normal course of business in India. As a result, businessmen are unable to meet their tax compliance. 

Recently, the Honorable FM Smt. Nirmala Sitharaman had held a press conference via VC and had announced a relaxation of all business by way of extension of the Business Compliance Due Dates, including ITR filing till 30th June 2020. And now, the government has decided to give all the Income Tax Refunds up to ₹5 lakh claimed by the tax assessees of India. 

 

1. Why has the government decided to release IT refunds?

The businesses are badly hit due to the lockdown imposed because of Coronavirus. Hence, the government decided to release IT refunds up to ₹5 lakh, in order to provide monetary relief to the taxpayers. 


2. How many taxpayers will get their income tax refunds?

Income Tax Department has clearly stated on Wednesday that it will immediately give away all pending income tax refunds up to ₹5 lakh. It has stated that this move is going to benefit above 14 lakh taxpayers who have done their ITR filing and have claimed income tax refunds.

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3. GST Refunds and custom duty drawbacks

Apart from the income tax refunds, the government has also stated that it will also release all the pending GST refunds to the traders having GST registration, as well as the custom duty drawbacks to the exporters having Import Export Code


4. How much GST refunds & duty drawbacks are pending? 

The total amount of the GST refunds and duty drawbacks is ₹18,000 crores, which shall now be released, so as to provide reliefs to the business units.

Surely, this will provide great monetary relief to the taxpayers of India amid the  COVID-19 crisis.

 

If you require any other guidance with respect to the filing of income tax return filing, GST registration, GST return filing, please feel free to contact our business advisors at 8881-069-069.

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