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India plans to impose a 30 per cent tax on crypto assets, both in currencies and in non-exchangeable tokens (NFT).
“I propose to offer that every income from the transfer of every virtual digital asset has a 30 percent tax,” said Finance and Corporate Affairs Minister Nirmala Sitharaman, during discussions on the 2022-2023 budget in parliament.
Sitharaman said that there is a “phenomenal increase” in virtual asset transactions, adding that, “The size and level of these transactions have made it necessary to provide a specific tax regime accordingly, for the imposition of a tax on virtual assets.” digital ”.
“No deductions will be allowed in connection with any expenses or items when calculating such income, other than the purchase cost,” she added.
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