Experts say it makes crypto currencies part of conversation; welcome move to launch digital currency
Experts in the crypto space feel the government is beginning to recognise crypto as an emerging asset class
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Shortly after Finance Minister Nirmala Sitharaman announced the Union Budget 2022, India’s cryptocurrency community gathered on Twitter Spaces to celebrate. According to them, the announcement on taxes on all gains from digital assets at 30 percent is a welcome move and a huge step by the government towards making cryptocurrency a part of the conversation.
The government on Tuesday proposed to tax income from virtual digital assets at a flat rate of 30 percent, with no deduction and no provision to set off against any other income. A gift of virtual digital assets is also proposed to be taxed in the hands of the recipient. Sitharaman has also announced a 1 percent tax deducted at source (TDS) in order to track the transactions.