India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs
2 years, 10 months ago

India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India has imposed a 30 per cent tax on any income from the transfer of virtual digital assets, including cryptocurrencies and NFTs, Union Finance Minister Nirmala Sitharaman said on Tuesday. The move, announced during the national budget plan for the 2022-23 fiscal year, would bring virtual assets, including cryptocurrencies and non-fungible tokens under a tax net, allowing for no specific deductions or exemptions. Ms Sitharaman noted that gifts would be taxed on the hands of the recipient, adding that there will be a 1 per cent tax deduction at source on the payments made for the transfer of digital assets. The finance minister also announced that India’s central bank, the Reserve Bank of India, would introduce a digital currency – the Digital Rupee – in the next financial year using blockchain and other technologies.

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