Budget 2022: Government could impose highest tax on crypto currency, check details

By Lokmat English Desk | Published: January 14, 2022 08:25 PM2022-01-14T20:25:18+5:302022-01-14T20:25:46+5:30

The final Budget date of 2022 has been released, The finance minister Nirmala Sitaraman on February 1 at 11 ...

Budget 2022: Government could impose highest tax on crypto currency, check details | Budget 2022: Government could impose highest tax on crypto currency, check details

Budget 2022: Government could impose highest tax on crypto currency, check details

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The final Budget date of 2022 has been released, The finance minister Nirmala Sitaraman on February 1 at 11 am will release the Union Budget 2022. The first part of budget 2022 will start from January 31 and will continue till 11 February.

The last year's budget was based on health and rural infrastructure development but this year it is assumed that the budget will be more toward the economy of the country as the coronavirus surge. It is also said that the Finance minister will especially look after work from home employees and give special benefits to them, she will also not disappoint the tax givers this year.

As many of us waiting for Union budget 2022, the crypto community is also eagerly waiting for this year's union budget. While the government is looking out for advice from various taxation experts on this matter.

The Union Budget on crypto was going to release on winter session of parliament in 2021 only but due to Covid surge it got postponed. And thus the government is getting define taxation of incomes earned by trading or investing in cryptocurrencies.

According to reports, the centre is visualising whether income from crypto-related activities can be treated as business income or capital gains. Many are also assuming that the government could increase tax on investors, with an income tax slab of anywhere between 35 and 42 percent on crypto assets.

Earlier it was reported that the government is planning to implement 1 percent GST on cryptocurrency exchanges, which can be beneficial for SEBI. It has been also reported that the government could imposed highest tax on crypto with 18% GST.

This classification of exchanges could involve three categories: facilitators; brokerages, which connect buyers and sellers; and trading platforms, majorly electronic in nature, providing market monitoring and trading software infrastructure to participants, as per Economic Times.

 

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