Immediate relief to taxpayers by releasing of pending refunds
Immediate relief to taxpayers by releasing of pending refunds
Department of Revenue has vide press release dated 08th April 2020, stated that all pending income tax refunds up to 5 lakhs, GST and custom refunds of 1 lakh business entities including MSME be released immediately.
Income tax refunds of most of the taxpayers have been stuck since December last year. Whereas, the refund of ITC especially in case of exports and inverted duty structure has been stuck for a long time. Especially, in the last 3-4 months, a lot of taxpayers have complained of getting delayed or no return under GST.
Release of refunds would come at a time when India Inc. is eyeing towards govt .for a big economic relief package. This relief would provide some immune to businesses affected due to COVID -19.
Source:
Press release Department of revenue
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