The Income Tax Department will immediately refund the income tax of up to Rs 5 lakh, benefiting 14 lakh taxpayers.

Finance Ministry orders GST and customs tax refund issue, about 1 lakh businesses will get relief.

The Finance Ministry said that due to the immediate refund process, the taxpayers will have to return about Rs 18 thousand crore to taxpayers.

In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs.5 lakh & GST/Custom refunds with immediate effect.@nsitharaman @nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India @cbic_india #StaySafe pic.twitter.com/sF0cU8WyA1

— Income Tax India (@IncomeTaxIndia) April 8, 2020

The central government has taken a major decision on Wednesday to provide relief to the citizens and businesses of the country facing economic hardship due to the Corona virus. Under this decision, all organizations and people will be asked to refund an income tax of up to Rs 5 lakh as soon as it is implemented. About 14 lakh taxpayers will benefit directly from this decision.

In addition, all refunds will be issued in the GST and custom sections. This will benefit about 1 lakh businesses. According to the finance ministry, about 18,000 crore will be returned to the taxpayer in the process of immediate refund.

Last month, the central government announced a package of Rs 1.7 lakh crore. In addition, Finance Minister Nirmala Sitaman also announced a cover of Rs 50 lakh for doctors, nurses and cleaning workers who are fighting the corona virus directly.