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Nirmala Sitharaman's announced on cryptocurrency tax that why the government has imposed 30% cryptocurrency + 1% TDS

Cryptocurrency Tax: Finance Minister Nirmala Sitharaman's announcement on 30% crypto tax in India + 1% TDs on crypto transfers.

nirmala sitharaman's-announcement-on-cryptocurrency-tax

Finance Minister Nirmala Sitharaman said today (April 19, 2022) that the taxation of income from cryptocurrencies and other virtual digital assets should be seen as a step towards legitimizing it. Rather, it is a way of checking the source and track, but not legitimizing it, the finance minister said.

"We did not say it was currency. We did not say it had intrinsic value, but certain activities are taxable for the sovereign and that is why we taxed," the news agency PTI quoted Sitharaman as saying during a high-level panel discussion organized by the International Monetary Fund (IMF).).

"We did announce that on the income generated from the transactions of these crypto assets will be taxed at 30 percent and on top of that, there is a 1 percent tax deduction at the source that is also levied on each transaction. That way we will be able to know who is buying and who is selling it, ”she said.

The Minister of Finance has also made a strong plea for global regulation of cryptocurrencies to address the risks of money laundering and terrorist funding. At a high-level panel discussion organized by the International Monetary Fund (IMF), Sitharaman said as long as the non-governmental activity of the crypto-assets through wallets that are not offered, the regulation is going to be very difficult.

However, Sitharaman said cross-border payments between countries will become very effective through central bank-driven digital currencies.

"The risk that worries me more in the non-governmental domain is essentially that you look at wallets that are not offered across borders around the world ... So, regulation cannot be done by a single country within its territory. by some effective method and to do not. "across borders, technology does not have a solution that will be acceptable to several sovereigns that apply to each of the areas at the same time," the news agency PTI Sitharaman was quoted as saying.

The Minister of Finance said that cryptocurrency risks will have to be approached differently as the risks may differ for each user case, depending on the economy

During the panel discussion on 'Money at a crossroads: Public or private digital money?', Sitharaman emphasized that regulation using technology would have to be so skilled and agile that it should not be behind the curve. It must be in advance and it is not possible if any one country thinks it can handle it. She pointed out that unless there is going to be a global approach to regulating and understanding the technology on cryptocurrencies, there is a risk of money laundering.

"I talk a lot about it because I think the biggest risk for all countries across the board will be on the money laundering aspect, and also on the currency aspect used to finance terrorism," she said.

Union Budget 2022-23 proposed a fixed tax of 30 percent on income from transactions in crypto assets and also a 1 percent TDS (tax deducted from the source) on crypto transfers in such asset classes above a certain threshold imposed.

On the Central Bank Digital Currency (CBDC), Sitharaman said it will happen sometime in 2022.

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