India Levied 30% Tax on Cryptocurrency — Union Budget 2022
India presented its Union Budget 2022 where the Finance Minister gave green signal to Cryptocurrency by declaring that digital assets will be taxed by 30%. While it is a great news for Indian crypto investors regarding the first step of Government towards cryptocurrency, the tax slab has made them somehow upset.
Today Ms. Nirmala Sitaraman, the Finance Minister of India presented a massive budget of Rs.35lakh crore for the year 2022, where she declared several new projects on infrastructure. She kept the direct tax slabs almost same like previous year and have reduced the Goods and Services Tax in some sector to give people a relaxation on their post-pandemic expenses.
At the same time, she announced that people who have digital assets (cryptocurrency) need to pay a tax of 30% for income from these virtual digital assets. Of course it is a bold decision from the Modi government where the Government would be able to collect a huge amount of tax per year from this cryptocurrency platform as Indians are investing a lot in this digital platform.
During the last Parliament Session of December 2021 people were expecting Government’s approval for cryptocurrency; however, that time government didn’t declare anything regarding this global blockchain system. Now, during the Union Budget 2022, they finally included it which has finally spread smile on people’s face. As a result, the Sensex increased by 870 point today itself proving that people are happy with the decision.