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Feb 1, 2022
Budget 2022: Crypto is Legally Recognized in India, With a 30% tax
The government did not adjust the income tax brackets. Finance Minister Nirmala Sitharaman has made a number of significant announcements, including a 30 percent tax on the transfer of digital assets.
In the second year of the COVID-19 epidemic, Finance Minister Nirmala Sitharaman delivered the Union Budget 2022 today.
"We seek to provide the ecology that the middle class requires. This budget aims to establish the groundwork for Amrit Kal, which will run from India 75 to India 100," Sitharaman stated today.
Since the onset of the epidemic in January 2020, this was the sixth Budget session. The government did not adjust the income tax brackets.
A 30 percent tax on the transfer of digital assets is one of the major announcements. The Reserve Bank of India, or RBI, will also introduce a new digital rupee based on blockchain technology this fiscal year. The Union Budget 2022 is also released during a month in which five states will hold legislative elections.
This news came at a time of great unrest as it is making the headlines internationally as well, while disrupting the crypto ecosystem.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.