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Govt to release all pending income tax refunds up to Rs 5 lakh immediately

R Sinduja

News Editor
Image Credit: shortpedia

The government decided to release all pending income tax refunds up to Rs 5 lakh immediately, a measure to provide relief to 14 lakh taxpayers across India due to the COVID-19 situation. Even all pending GST and custom refunds will also be released which will benefit nearly 1 lakh businesses including micro, small and medium enterprises. The finance ministry said the total refund amount granted will be Rs 18,000 crore.