The Government of India on Wednesday announced that all pending income tax refunds up to Rs. 5 lakh would be issued immediately. This would benefit around 14 lakh taxpayers added a press note on the Income Tax Department's Twitter handle.
Additionally, the government has also decided to issue all pending GST and custom refunds. This is expected to benefit around 1 lakh business entities, including MSMEs.
The press note from the Ministry of Finance's Department of Revenue added that this was being done "with a view to provide immediate relief to the business entities and individuals".
"The total refund granted will be approximately Rs. 18,000 crore," the note added.
The novel coronavirus outbreak has led to India being put under a 21 day lockdown, with most businesses, offices and other commercial outlets and public spaces being shut. Aside from hindering people's normal lives, the viral outbreak has hampering the working of many an organisation.
There also does not seem to be a clear end in sight, with Prime Minister Modi telling Parliamentarians on Wednesday that the it was uncertain whether the lockdown could be called off on April 14 -- less than a week from now.
In India the total number of cases recorded is around 5,200 as of Wednesday. 149 people have passed away, as per the data provided by the Ministry of Health and Family Welfare.
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