Highlights

  • Congress attacks Modi govt over Union Budget
  • Salaried and middle classes deeply disappointed: Surjewala
  • 'Is cryptocurrency legal now?' asks Surjewala

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The government has announced that any income from transfer of digital assets will be taxed at 30 per cent rate. This will impact gains from cryptocurrency and NFTs as well, which have seen a boom in India in recent times.

The Congress on Tuesday accused Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi of betraying the country's salaried and middle classes by not announcing any relief measures for them in the Union Budget.

Congress general secretary and chief spokesperson Randeep Surjewala said the salaried and the middle classes have been affected due to pay cuts and high inflation.

"India's salaried class and middle class were hoping for relief in times of pandemic, all round pay cuts and back breaking inflation. FM and PM have again deeply disappointed them in Direct Tax measures," Surjewala said on Twitter.

"This is a betrayal of India's Salaried Class and Middle Class. #Budget2022," he said in his initial remarks on the Union Budget. Terming the document a "Nothing budget", he said in a Twitter post in Hindi that it has nothing for the poor, the salaried and the middle classes as well as farmers and the youth “whose pockets are empty”. There is nothing, he added, to increase spending and to promote small scale industry.

Also watch: Budget 2022: India to tax income from virtual and digital assets at 30%

In his comments soon after the finance minister presented the budget for 2022-23 in Parliament, Surjewala also asked how the government was imposing tax on profit from crypto currencies when it is not clear if it is legal.

Crypto taxed but not recognised, blockchain backers rejoice

"And Ms Finance Minister, please do tell the Nation - Is Crypto Currency now legal, without bringing the Crypto Currency Bill, as you tax the cryptocurrency? "What about its regulator? What about regulation of Crypto Exchanges? What about investor protection? #Budget2022," the Congress spokesperson said in another tweet. Congress leader Manickam Tagore added that it is a "pro-corporate" and "pro-rich" budget with nothing for the middle class and farmers.

"...Nothing for a jobless youth, Nothing for farmers.. Nothing for middle class.. Again Nirmala madam Fails... #Budget2022," Tagore, who is the Congress whip in the Lok Sabha, said on Twitter.

Budget 2022 Live Updates: Record Capex, Tax on Crypto & No Income Tax relief for middle class

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