New Delhi: Union Finance Minister Nirmala Sitharaman announced on Tuesday that income from digital asset transfers will be taxed at a rate of 30%, seen as ‘crypto tax’. Presenting the Union Budget 2022-23 in the Lok Sabha, Sitharaman said gifts received in the form of cryptocurrencies will also be taxed at the same rate, at the receiver’s end.
‘I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition’, Sitharaman said. The Finance Minister also announced that the Reserve Bank of India will issue a digital rupee in the next financial year.
Meanwhile, the FM proposed to reduce customs duties on certain chemicals, including methanol, to promote domestic manufacturing. She also announced a reduction in customs duty on cut and polished diamond, gemstones to 5%.
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The Finance Minister further said that 5G mobile services rollout will begin in 2022-2023 and spectrum auctions will take place this year, while a PLI scheme for 5G services was also announced. Sitharaman also said rural broadband is also planned to be expanded. The FM also said that an online bill system to be launched which will be used by all Central ministries, to reduce the delay in payment. Nirmala Sitharaman also said that e-passports with embedded chip and futuristic technology will be rolled out in 2022-23 to help citizens in their overseas travel.
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