IndiaBudget 2022: There will be changes in the tax...

Budget 2022: There will be changes in the tax rules on cryptocurrency earnings! Know the preparation of the government


- Advertisment -spot_img

New Delhi: The cryptocurrency market has spread rapidly in India. Last year saw a huge jump in the number of people investing in cryptocurrencies. It is estimated that investment by Indians in cryptocurrencies is expected to increase to $241 million by 2030. But there is also a fear in the minds of people regarding this. There is no concrete law in India for cryptocurrencies.

A bill to regulate cryptocurrencies was expected to be introduced during the winter session of Parliament. However, it was not introduced. Now it is expected that the government can introduce this bill in the budget session. Significantly, the proposed cryptocurrency bill included provisions to treat cryptocurrencies as a commodity and treat virtual currencies differently based on their use. Along with the common taxpayers, businessmen and traders of the country, Indian crypto investors are also eagerly waiting for the Budget 2022. On February 1, Union Finance Minister Nirmala Sitharaman will present the budget in Parliament. In such a situation, some announcements are likely to be made in this budget regarding cryptocurrencies as well.

According to the reports in this regard, the central government is currently taking the advice of various tax experts regarding cryptocurrencies. In fact, the government now wants to clearly define the tax on income from investment or trading in cryptocurrencies. It is discussing whether income from cryptocurrencies can be treated as business income or capital gain.

Several reports had mentioned that the government is also planning to levy one per cent GST on cryptocurrency exchanges, which will be collected at source. Along with this, there is talk of handing over the regulation of the cryptocurrency industry to the market regulator SEBI. That is, SEBI will keep a close watch on crypto investors at all times and every transaction of cryptocurrency will be on the radar of Income Tax Department. However, what is the complete plan of the government will be revealed only during the presentation of the budget.

Both the sale and purchase of cryptocurrencies can be covered under reporting in the Financial Transaction Statement. Trading companies have already been referring to the sale and purchase of shares of mutual funds. The report said that the tax burden on cryptocurrency investors is expected to increase significantly under the announcement to be made in the budget. It said that the central government can keep the income tax slab on crypto assets between 35 percent and 42 percent. Along with this, the government is also considering imposing 18 percent GST on crypto trending.

first published:Jan. 15, 2022, 2:49 p.m.


Latest news

Gold Price Update: Golden opportunity to buy gold, know what is the price of gold today

New Delhi: If you also want to buy gold or gold jewelry, then there is important news for you....

Petrol Diesel Price Today: New prices of petrol and diesel released, know what is the rate of oil in your city today

New Delhi: There is relief news for the common people on the inflation front. Government oil companies have...

MP Pre Board 2022: Relief to students in Madhya Pradesh, now class 10th and 12th exams will be held from home, see time table

Shabbir Ahmed, Bhopal. Relief news has come out for the students of Madhya Pradesh. Students of class 10th...

CG: ‘Cher Chhera Punni’ festival celebrated with great enthusiasm, huge enthusiasm among villagers

Balod. The celebration of 'Chher Chhera Punni' festival on Paush Paksha Purnima has a different traditional significance in...
- Advertisement -spot_imgspot_img

‘Waste Solution Center’ opened in Bhopal, here you get food coupons in lieu of household junk

Bhopal: We all either sell the junk in our house or throw it away. But if we tell...

CG: Corona hit on artists, hope pinned for help from administration

Balod. After the second wave of corona has passed in Chhattisgarh, once again the danger of third wave has...

Must read

- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you