Budget 2022: The “crypto” news

The Finance Minister Nirmala Sitharaman, proposed to tax gains from transfer of virtual assets at a flat rate of 30 per cent as she announces the Budget 2022.

The Finance Minister also said that a TDS of 1 per cent will also be levied on payment made for transfer, above a monetary threshold.

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A majority of exchanges demanded clarity taxation over the income earned from the crypto assets and GST rules implemented on the trading platforms.

The government cleared that the loss arising from the sale of the virtual assets cannot set off against the any other income. Gifting of virtual assests and crypto tokens would also be taxed at the recipient’s end.

A new digital rupee powered by blockchain technology will be issued by the Reserve Bank of India starting 2022-23.

In other news: Finance Minister Nirmala Sitharaman proposed setting up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks.

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