New Delhi, April 8 -- The Income Tax Department on Wednesday said it will release all pending income tax refunds up to Rs 5 lakh immediately, in a move that will benefit around 14 lakh taxpayers.

The government will also issue pending GST and customs refunds of Rs 18,000 crore to provide relief to business entities.

"All GST and custom refunds will also be released, which will provide benefit to around 1 lakh business entities, including MSMEs," said the Department of Revenue under the Ministry of Finance, adding the total refund granted will be approximately Rs 18,000 crore.

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 ref...