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'Committed To Helping MSMEs', Says PM Modi As IT Dept Announces Rs 5,204 Crore Refund

In the wake of Coronavirus pandemic, Income Tax Department in an attempt to give some relief to MSMEs has issued an Income Tax refund of Rs 5,204 crore


In the wake of the prevailing crisis due to COVID-19  pandemic and the consequential lockdown, the Income Tax Department in an attempt to provide some relief to MSMEs has issued an Income Tax refund of Rs 5,204 crore. The Income Tax Department has further assured of releasing another refund of Rs 7,760 crore at the earliest. After the disclosure, Prime Minister Narendra Modi took to Twitter and reiterated the government's stand and stated that teh Centre is committed to helping the small and medium business in the times of crisis created by the pandemic.

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The decision by the Income Tax Department comes as a means to assist the companies in avoiding pay cuts and lay-offs due to the pandemic situation. The Ministry of Finance headed by Nirmala Sitharaman had decided to release all pending income-tax refunds up to Rs 5 lakh immediately to provide relief to companies and individuals. The Income Tax Department pursuant to the Finance Ministry's decision has issued nearly 14 lakh refunds up to Rs 5 lakh each till date in order to help the taxpayers.

READ | PM Modi Hails RBI's Announcements, Says Steps Would Help Small Businesses, MSMEs & Farmers

COVID-19 impact on India

In a piece of good news, the Ministry of Health said on Friday that the average growth rate of COVID-19 cases has declined by 40% from mid-March to now while the doubling rate of the disease has gone up from initially 3 days to now 6.2 days according to the data of the last seven days. The Ministry informed that the doubling rate is lower than the national average in 19 states and Union Territories. The recovery rate of COVID-19 patients has also improved to 13.06%. 

India's total number of coronavirus positive cases has risen to 14,877, including 1,991 cured and discharged while 480 have succumbed to the virus, as per the Union Health Ministry on April 18. 

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