Crypto tax rates, which have been on the agenda of India for a while, were decided at the Union Budget meeting for the fiscal year 2022-2023, which took place today.
At the relevant meeting, a number of tax proposals previously submitted to the Ministry entered into force, including a 30% tax on income from trading cryptocurrencies.
Finance Minister Nirmala Sitharaman announced that a 30% tax was imposed on income from the transfer of digital assets in the budget presented on February 1. The tax in question will apply to NFTs as well as cryptocurrencies.
The finance minister also announced that the Reserve Bank of India will issue a new digital rupee this fiscal year that will use Blockchain and other technologies.
“Everybody Applied for Taxes Except Us!”
On the other hand, he said that India was the only country that did not apply new taxes to alleviate the economic depression caused by the pandemic and defended the new law proposal.
Stating that as many as 32 countries have increased their tax rates after the pandemic, the Minister said, “Instead, we put more money where the multiplier effect will be maximum.” He said, and stated that he found the applied tax rates appropriate.