"In the context of the COVID-19 situation and with a view to providing 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 Ministry of Finance said in a release today.
This would benefit around 14 lakh taxpayers.
It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSMEs.
Thus, the total refund granted will be approximately Rs 18,000 crore.
( With inputs from ANI )