Opoyi Central
Government brings tax relief to COVID pandemic-hit businesses
- The Finance Ministry proposed a concessional rate of interest in place of 18% tax for various categories of businesses
- For those with aggregate turnover of above Rs 5 crore, the initial rate of interest has been slashed to 9% for first 15 days
- This comes as the country is battling second wave of coronavirus
Published: May 02, 2021 10:21:16
The government on Sunday announced a slew of tax measures to bring relief to taxpayers reeling under the impact of the devastating second wave of COVID-19 that has hit businesses hard.
The Ministry of Finance, in a statement, proposed a concessional rate of interest in place of 18% tax for various categories of businesses. For those with an aggregate turnover of above Rs 5 crore, the initial rate of interest has been slashed to 9% for first 15 days and 18% thereafter. Read other proposals here:
India is currently reporting over three lakh cases of coronavirus everyday since last two weeks.
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