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.