As the Union Budget 2022 was announced by Finance Minister Nirmala Sitharaman on Tuesday, it was proposed that the transfer of cryptocurrency or any virtual asset will now be taxed at 30 per cent.
"No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition," Sitharaman said. She further said gifts received in the form of cryptocurrencies will also be taxed at the same rate.
While, several people were of the opinion that the taxation implies that crypto would now be 'legal' in India; on the other, many have voiced their opinion on the taxation.
A user wrote, "Crypto investors after watching #Budget2022," along with a photo that read, "6 Lakh ka Fraud ho gaya mere sath."
Another user tweeted, "Government has imposed 30 per cent tax on crypto. Le People: #Budget2022 #cryptocurrency." Along with it he attched a photo that read, "Dukaan jama raha tha, aap logo aake berozgaar kar die."
A third person shared a photo of a moving rickshaw rider, with the text "Tax on crypto," on top of him, while the rickshaw behind him had the text, "Earnings from crypto."
"30 per cent hi sai, lekin accept to kar liya #cryptocurrency," read another tweet.
Another tweet read, "When crypto became legal but you have to pay 30 per cent tax on income from sale of digital asset."
Apart from this, Sitharaman in her budget speech had also announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23. She said Central Bank Digital Currency (CBDC) will give a big boost to the digital economy.
The minister said the digital currency will also lead to a more efficient and cheaper currency management system and it will use blockchain and other technologies.
( With inputs from ANI )
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