India to impose 30% tax on crypto investors, CBDC soon to be launched
Finance Minister of India Nirmala Sitharaman, during the presentation at the annual Union Budget Session, proposed to impose a 30% tax on “any income from transfer of any virtual digital asset.” She also proposed the imposition of tax deduction at Source (TDS) of transactions at a rate of 1%, above a threshold.
The significant step by India
While the benefit is low in terms of revenue mobilization, the step is significant for India since it represents the government's first formal acknowledgement of increasingly popular financial instrument-cryptocurrencies.The introduction of TDS indicates a policy commitment to trace the monetary trail in a sector that has previously been excluded from regulatory oversight.
The explanatory memorandum of the Finance Bill particularly defines the term “virtual digital asset” and also includes NFT in its radar. The move, however, should not be interpreted as the government legalizing or recognizing virtual currencies, according to Sitharaman. Finance minister during an interview with Doordarshan said:
“There is a process of consultation, which is going on, about crypto. That is the first thing. Before the consultation is completed, I won’t be able to do anything on regulating them or formalizing a framework for regulation for them.”With the exception of cost of acquisition, no deduction in respect of any expense or allowance shall be permitted in calculating such income. Furthermore, any loss resulting from the transfer of virtual digital assets cannot be offset against any other income, according to budget documents.
CBDC roll out
In addition to the taxation proposal, the government has hinted that the Reserve Bank of India (RBI) will issue the Central Bank Digital Currency (CBDC) starting from the next financial year.The RBI's Central Board has examined a number of issues, including CBDC's position. The board was informed by RBI officials that a pilot project for the implementation of CBDC will be initiated soon.
The Reserve Bank of India is currently focusing on two areas: wholesale account-based and retail. While much has been done on wholesale accounts, the retail issue is more challenging, and the central bank is taking its time with it.
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