In her Budget speech, Finance Minister Nirmala Sitharaman introduced a 30% tax on income earned from transfer of virtual digital assets. The Government is yet to recognise cryptocurrencies, including Bitcoin and Ethereum, but this ambiguity has not stopped people from trading in digital assets in large numbers, which apparently forced the Government’s hand in announcing a tax on such transactions. At a press conference after presenting the Budget, Ms. Sitharaman said consultation is underway with stakeholders on digital assets, adding that there is no clarity yet on how the Government of India will regulate cryptocurrencies. (Read More)
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