Indian Finance Minister Nirmala Sitharaman has announced that a 30% tax will be levied on income from virtual digital assets and the digital central bank currency (CBDC) will be launched within the 2022-23 fiscal period.
Indian Finance Minister, on Tuesday, February 1 India budget speech A tax of 30%, the highest tax bracket in the country, will be applied to income from transfers of virtual digital assets. and that a central bank digital currency (CBDC) will be launched no later than fiscal 2022-23 to boost the country’s economic growth. announced
Stating that there was an extraordinary increase in virtual digital asset transactions at the meeting, Sitaraman said that the size and frequency of transactions makes taxation mandatory told. Therefore 30% crypto tax will be levied on revenues from all transfers of virtual digital assets. stating Sitaraman;
Any income from the transfer of any virtual digital asset will be taxed at 30%. No deductions will be allowed for any expenses or allowances other than the cost of earning in calculating these revenues.
said.
in conversation CBDCof the launch of the digital economy “a great support” and that digital currencies make possible more productive and cheap one monetary policy system Sitharaman emphasizing the possibility;
Therefore, a digital rupee will be introduced by the Reserve Bank of India, which will be issued using blockchain and other technologies within the periods 2022-23.
made statements.