By Clearmytax.in Editorial Team
In what can be called a breather to the tax payers which are grappling with the impact of Corona outbreak, to provide relief to businesses hit by the Covis-19 pandemic, the Government on Wednesday i.e. 8th of April,2020 said that it will release all GST & Customs refunds in order to provide benefit to around 1 lakh business entities including MSMEs.
“It has been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME. Thus, the total refund granted will be approximately Rs. 18,000 crore,” an official statement said.
Finance Ministry is also planning a stimulus package of more than 2 lakh crore rupees, for giving a fillip to the economy. Small businesses, MSMEs and the aviation sector are set to get a major chunk of this stimulus package.
Frah Saeed is a law graduate specializing in the core field of indirect taxes and is the Co-founder of taxwallah.com. She has authored many publications on GST and is into full-time consultancy on GST to big corporates. She as a part of taxwallah.com heads a team comprising of Chartered Accountants and Advocates and plays a key role in our mission to disseminate GST knowledge to all.
