The government has tightened the norms for Crypto by prohibiting losses incurred in certain digital assets to achieve with revenue from other versions of Crypto holders, said Junior Finance Minister on Monday The government will not allow tax relief at infrastructure costs that occur when the mining of crypto assets because it will not be treated as the cost of acquisition, the Minister of State for the Chaudhary Pankaj Finance told parliamentary members in parliament.
Clarification by further minister returned to the industry slapped at a steep tax rate in the budget launched last month. RBI and the government are skeptical about this sector even though there is an increase in trading volume because the worries of digital currencies can be used for money laundering, terrorist financing and price volatility.
Treating the benefits and disadvantages of each market pair separately will prevent crypto participation and suffocate industrial growth. It is unfortunate, and we urge the government to reconsider this, “said Nishcal Shetty, Co-Founder and Chief Executive Officer from Binance’s Wazirx The Crypto Asset Tax Regime in India will gradually take place in the financial year starting April 1. The provision of 30% tax will be effective at the beginning of the Fiscal Year while those related to 1% TDS will begin to apply from July 1, 2022.
