{"id":6811,"date":"2020-04-15T19:52:36","date_gmt":"2020-04-15T14:22:36","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=6811"},"modified":"2021-01-04T17:19:01","modified_gmt":"2021-01-04T11:49:01","slug":"covid-19-govt-to-roll-out-pending-income-tax-refunds-worth-rs-5-lakh","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/covid-19-govt-to-roll-out-pending-income-tax-refunds-worth-rs-5-lakh\/","title":{"rendered":"COVID 19: Govt. to Roll Out Pending Income Tax Refunds worth Rs 5 lakh"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The Government has rolled out a positive announcement for the taxpayers amid the Cornovirus pandemic. As per the twitter account of <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>Income-tax<\/strong><\/a> India, the Government has confirmed to issue all pending tax refunds up to Rs 5 lakh. <\/p>\n\n\n\n<p>Apart from that, the\nGovernment also decided to issue GST and Custom refund, which will be going to\nserve 1 Lakh business entity, including micro, small, and medium enterprises\n(MSMEs). <\/p>\n\n\n\n<p>Both individual\ntaxpayers and business entities will be given tax refunds, benefitting\napproximately 14 lakh taxpayers pan India. This decision was published through\na press note on the twitter account of the Income-tax India.&nbsp; <\/p>\n\n\n\n<div class=\"shadow1\">The Government has made\nthis declaration in the context of the COVID 19 situation. This declaration\nwill offer immediate relief to the business entities and individual who has\nbeen economically hindered by this outbreak in one way or another. <\/div>\n\n\n\n<p>According to the\nFinance Ministry, this decision will lessen the effect of economic disruption\ncaused by COVID 19.&nbsp; <\/p>\n\n\n\n<div class=\"shadow1\">Previously, the Finance\nminister Nirmala Sitharaman has listed eight sections under the core relief package\nthat worth whopping Rs 1.7 lakh crore dedicated to the cash transfer part of\nthe economic package. <\/div>\n\n\n\n<p><strong><em>Here is the list of\nbeneficiaries who will be going to take advantage of this core relief\npackage.&nbsp;&nbsp; <\/em><\/strong><\/p>\n\n\n\n<ul><li>Farmers<\/li><li>Beneficiaries of Ujjwal\nYojana<\/li><li>Poor widows<\/li><li>Women from (SHGs)\ndealing with National Rural Livelihood Mission (NRLM)<\/li><li>MNREGA workers<\/li><li>Pensioners and Divyangs<\/li><li>Organized sector and\nconstruction workers.<\/li><li>Jan Dhan account\nholders (only women)<\/li><\/ul>\n\n\n\n<p>Apart from this fiscal\nrelief, RBI has already taken proactive measures in this direction in the past\nmonth. Rs 3.7 lakh crore liquidity stimulus has been announced by Reserve Bank\nof India, including 100 bps cut in cash reserve ratio (CRR), 90 bps reduction\nin reverse repo rate and a 75 bps cut in repo rate. <\/p>\n\n\n\n<p>In addition, the\ncentral bank has now authorized banks to give a three-month moratorium in the\ncontext of the term loans to all businesses, regardless of their scale and\nsizes. <\/p>\n\n\n\n<p>Last month, the Ministry\nof Finance had announced a handful of regulatory measures that are meant to\nprovide business relief from this economic fallout. <\/p>\n\n\n\n<p>Interest and late fee on <a href=\"https:\/\/corpbiz.io\/gst-return-filing\"><strong><em>GST return filing<\/em><\/strong><\/a> have waived for the enterprises whose turnover falls the sum of Rs 5 crore. Meanwhile, the bigger organizations, above this threshold, would rejoice a subsidized rate of 9 percent for the same.  Additionally, under the influence of COVID 19, the deadline for GST returns has been extended till June 30 for all companies. Among other measures, the threshold for MSMEs defaulters has been cranked up to INR 1 crore from INR 1 lakh to avert bankruptcy proceedings. This step has been taken under the clause to <strong><em>Section 4 of Insolvency Bankruptcy Code, 2016<\/em><\/strong><sup><strong><a href=\"https:\/\/www.mca.gov.in\/Ministry\/pdf\/TheInsolvencyandBankruptcyofIndia.pdf\"><em>[1]<\/em><\/a><\/strong><\/sup><em>.<\/em> <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/gst-compliance-procedure-for-persons-under-insolvency-and-bankruptcy-code-2016-ibc\/\">GST Compliance Procedure for persons Under Insolvency and Bankruptcy Code, 2016 (IBC)\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government has rolled out a positive announcement for the taxpayers amid the Cornovirus pandemic. As per the twitter account of Income-tax India, the Government has confirmed to issue all pending tax refunds up to Rs 5 lakh. Apart from that, the Government also decided to issue GST and Custom refund, which will be going [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":6818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,152],"tags":[491],"acf":{"service_id":"78"},"authorName":"Siddharth Gambhir","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/sid.jpg","authorDescription":"Mr. Siddharth Gambhir is a Chartered Accountant by profession and also holding post-graduate degree in Finance and Taxation. He is an Advisory consultant at Corpbiz with experience in Taxation and Auditing.Holding experience in Taxation and Auditing, he holds keen interest in writing new content by updating himself with the latest changes.","postViews":3279,"readingTime":2,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6811"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=6811"}],"version-history":[{"count":12,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6811\/revisions"}],"predecessor-version":[{"id":23465,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6811\/revisions\/23465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/6818"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=6811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=6811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=6811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}