India Adopts Crypto, Introduces ‘Crypto Tax’ At Union Budget 2022
India in its Union Budget 2022 has decided to introduce a ‘Crypto Tax’. Finance Minister Nirmala Sitharaman proposed a 30% tax on any income from the transfer of virtual digital assets. No Tax deductions or exemptions apart from the cost of acquisition shall be permitted, according to Sitharaman. With this decision, a lot of ambiguity […]
Related News
An Indian industry association has written to the country’s finance minister seeking clarity on cryptocurrency taxation in Union Budget 2022-23. “The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion.”
Industry Wants Clarity in Crypto Tax Laws in Union Budget 2022-23
Indian industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, regarding cryptocurrency taxation. The association represents major....
Amidst the world’s jurisdictions preparing legislation for the crypto sector, Australia adopts a less-favoured approach when it comes to taxation. On Tuesday, Australia released its national budget for the year 2022-2023. The Aussie government mentioned in the papers that digital assets would be recognized as an asset class regarding tax policies and not as foreign […]
Officials from India's Finance Ministry said any potential law on cryptocurrencies would likely come around the time the government submits the Union Budget of India in February. The Indian government may be looking into establishing a legal framework for crypto-based digital currencies as "assets" as early as February. According to a Tuesday report from Indian news outlet Business Today, officials with the country's Finance Ministry said the potential legal framework would treat cryptocurrencies closer to commodities than currencies. If this legislation comes to fruition, it would....
Finance minister Nirmala Sitharaman believes the introduction of a CBDC will provide a “big boost” to India's digital economy. In a speech discussing the budget for 2022, Indian finance minister Nirmala Sitharaman announced the launch of a central bank digital currency (CBDC) by 2022-23 as means to boost the country’s economic growth. Sitharaman highlighted the need for digital inclusion across numerous business verticals while announcing the fund allocation set in the Union Budget. Speaking about the launch of a digital rupee, she added that the introduction of a CBDC will provide a “big....
The country's finance minister admitted to not having enough information to make a fateful call. Yet another statement by a top Indian official suggests that regulatory uncertainty around the status of digital assets in the country will persist in the near term.Responding to the general discussion of the 2022–23 Union Budget at Rajya Sabha, the upper chamber of India’s bicameral parliament, finance minister Nirmala Sitharaman stated that she was not going to “legalize or ban” cryptocurrency at this moment. The minister added that “Banning or not banning will come subsequently,” when the....