Amidst the COVID-19 crisis, Ministry of Finance (MoF) yesterday announced yet another relief measure to provide immediate respite to the individuals and the business entities. Govt. issued a press note stating that it shall issue all the pending refunds under Income tax, GST and Customs. Mr. Puneet Agrawal (Partner) along with Ms. Shuchi Agrawal (Manager, ALA Legal) comment that said initiative by the MoF is a welcome and thoughtful step as it would provide much needed liquidity/ working capital to the business entities and would help them in meeting the fixed expenses.
However, authors highlight certain ambiguity i.e. types of refunds which shall get covered, the threshold subject to which refunds shall be sanctioned. Accordingly, for expedient issuance of the refund, authors suggest businesses to send a communication/reminder letter to their Jurisdictional Office.
The PDF Document of the Article is attached as “Refund issuance – COVID 19 relief”.
The above article is also published on GST Sutra as http://gstsutra.com/news/9440/Eye-Share-Initiative-to-Issue-Pending-GST-Customs-and-Income-Tax-Refunds-Immediately-A-Welcome-Move.