Budget 2022-23: Sale or transfer of virtual, digital assets to attract 30% tax

The Finance Minister in her Budget 2022-23 speech stated that 30% tax will be imposed on income from sale or acquisition of virtual/ digital assets. This will impact the cryptocurrency ecosystem. Whether it will also impact NFTs is not clear yet.

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There will be no deduction, while cost of acquisition will be allowed. The Finance Minister has also imposed tax on gifts of digital assets.

On the other hand, the Reserve Bank of India will issue digital rupee using blockchain and other technology starting fiscal 2023.

The Finance Minister has also announced Online E-bill facility for all government procurements.