In wake of the COVID-19 pandemic and with a view to provide immediate relief to business entities and individuals, the Ministry of Finance ('MoF') has decided to immediately issue all pending income tax refund cases up to Rs. 5 lakhs. It is contemplated that such processing of refund would benefit around 14 lakh taxpayers.
The MoF has also decided to issue all pending GST and Customs refunds which provide benefit to around 1 lakh business entities including MSMEs.
Disclaimer:
The information provided in this update is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This update is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/ quasi judicial authorities may not take a position contrary to the views mentioned hereinrra quis.
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