Highlights

  • Any income from transfer of any virtual digital asset to be taxed at the rate of 30%
  • Loss from transfer of virtual digital asset cannot be set off against any other income.

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Crypto taxed but not recognised, blockchain backers rejoice

Social media flooded with support of recognition and regulation in sight. 

Budget 2022: Crypto may have a taxing time ahead but the FM has given digital token enthusiasts a seat at the table. The budget announced plans to start a digital currency and tax crypto assets, as India is striding to keep pace with the global move towards virtual financial instruments.

The 30% tax has not deterred the crypto backers with social media flooded with support of recognition and regulation in sight.

As the crypto enthusiasts in India were seeking clarity on the cryptocurrencies, this came in as a celebration, even as the founder of India's biggest crypto exchange WazirX stated it was a step towards positive crypto regulations.

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

"Hope to see a reduction of crypto ban fear in India. Lot to unpack here but overall this is a very positive step forward for crypto ecosystem in India," Nischal Shetty, founder and CEO of WazirX wrote in a tweet.

Gautam Chhugani, a crypto backer, tweeted, "30% is a small cost to pay for legitimacy! I know Dubai has zero tax etc. but building crypto for a market like India is truly transformative! When they see the crypto tax revenues, they will go & then govt. will write policies on how to attract more crypto to India."

Congress on Budget 2022: How is govt imposing tax when cryptocurrency isn't legal?

PM Narendra Modi praises Budget 2022 as 'people-friendly and progressive'

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