Budget 2023 | Revisit tax policy on cryptocurrency, bring new laws for virtual digital assets

The Government of India’s concerns over cryptocurrencies have been growing, which it primarily attributes to terror-financing and money-laundering. This has been a consistent position on the government and the point of view of the Reserve Bank of India’s.

However, despite the ongoing ‘ban crypto’ narrative set by the RBI, the government has decided to levy taxes on virtual digital assets (VDAs) including cryptocurrencies and non-fungible tokens. As per Budget 2022, capital gains derived from crypto assets will be taxed at 30 per cent, regardless of under which tax slab the taxpayer comes under.