The Government is not considering any plan to reduce taxes on cryptocurrency transactions. In a written reply to a query in the Rajya Sabha on whether the Government wants to exempt cryptocurrency transactions from taxes, Minister of State for Finance Pankaj Chaudhary said, “There is no such proposal under consideration.”
In Budget 2022, the Government has announced a flat 30% tax on income from cryptocurrencies and also 1% TDS on crypto transactions.
Chaudhary said that in order to deter risky crypto transactions the Reserve Bank of India (RBI) has been cautioning users, holders and traders that “dealing in VCs is associated with potential economic, financial, operational, legal, customer protection and security related risks.”
Through a circular dated May 31, 2021, the RBI also advised its regulated entities to continue to carry out customer due diligence processes for transactions in VCs, in line with regulations governing standards for Know Your Customer (KYC), Anti-Money...
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