India unveils new crypto tax alongside ‘digital rupee’ pilot

During the Feb 1 budget speech, the Indian finance minister announced a 30 percent tax on any income from the transfer of virtual digital assets.

With rumours of a blanket ban swirling, India’s crypto ecosystem had been keenly waiting for a hint of regulatory action from the government.

On Tuesday morning, they finally got some clarity.

In the annual budget presentation to parliament on February 1, Indian Finance Minister Nirmala Sitharaman announced there would be a 30 percent tax on any income from the transfer of virtual digital assets – in effect a capital gains tax.

The levy would apply to Non-Fungible Tokens (NFTs) in addition to crypto exchanges.

“There has been a phenomenal…

Read more at www.trtworld.com

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