'Committed to helping MSMEs', says PM Modi as IT Dept announces Rs 5,204 crore refund

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

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

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COVID-19 impact on India

In a piece of good news,  Ministry of Health said on Friday that  aver growth rate of COVID-19 cases has declined by 40% from mid-March to w while doubling rate of disease has gone up from initially 3 days to w 6.2 days according to data of last seven days.  Ministry informed that  doubling rate is lower than national aver in 19 states and Union Territories.  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 virus, as per Union Health Ministry on April 18.