India to exclude digital rewards from proposed tax on virtual digital assets
It is not new for decentralized protocols or crypto exchanges to reward their users for using their services. These rewards include e-vouchers points earned on cards on shopping and payments, among other things. As per a new development, India plans to exempt these rewards from the taxation of digital assets bill, which was recently passed by the Parliament.
India to exempt digital rewards from taxation
As per a new report from a local media outlet, two senior officials told ET that the government of India will notify the crypto community about the developments soon and is currently working on it. As per the bill recently passed by the authorities, virtual digital assets, or VDAs, will be taxed at a rate of 30%.The current definition of VDAs as per the official taxation bill of India includes items generated using cryptography or "otherwise," which makes it open to interpretations. Due to a lack of a clear definition, the scope of VDAs becomes quite high, which also includes digital rewards and e-vouchers since they share some of the characteristics of VDAs. Currently, digital rewards are often rewarded by blockchain games and similar platforms to loyal players and users, and even certain credit and debit card firms offer the same.
"These will not be covered under the definition of VDAs; we will clarify...," said one of the officials. A notification regarding this decision will be issued by the taxation body of India, the Central Board of Direct Taxes.
Delay in regulations
The official crypto bill of India hasn't been put to a discussion in the Parliament. The bill was expected to go on the floor in Q1 2022 but was postponed. The Finance Minister of India, Nirmala Sitharaman, said that she doesn't want crypto regulation to be rushed. "I understand the impatience, but I'm sorry, that's how it is going to be," she said.Continue reading by joining Cryptonary Pro
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