Explained: Cryptocurrency Taxation Policy in Union Budget 2023

In the past, the union budget announcement for 2019-20 had given some inputs to the crypto-assets community when the finance ministry had announced that virtual assets will be added to the list of assets and will be subject to tax.

Subsequently, in a press release on 13 February 2019, the Government said it would apply a 30% Goods and Services Tax (GST) on all digital assets, including crypto-assets and NFTs, collectively now called Virtual Digital Assets (VDAs).

During the budget speech for 2022-23 held on 1st February 2022, the rules for accessing income tax and TDS for VDAs got rolled out. Here’s a quick preview on present taxation related to VDAs in India: