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Finance Ministry has decided to issue all pending income tax refunds

The Finance Ministry has decided to issue all pending income tax refunds up to Rs 5 lakh. The move is expected to benefit about 1.4 million taxpayers. Relieving nearly 1 lakh business entities, including micro, small and medium enterprises (MSMEs), The ministry has also decided to issue all pending Goods and Services Tax (GST) and custom refunds.

The ministry said that there would be a total refund of Rs 18,000 crore.

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