India to add a massive tax to cryptocurrency and NFT transactions

India has announced a massive change to cryptocurrency and NFT transactions, ushering in a 30% tax on transactions on both.

@JakConnorTT
Published Tue, Feb 8 2022 12:03 AM CST   |   Updated Sat, Mar 5 2022 2:35 AM CST

India's finance minister has announced a plan to tax all income from cryptocurrency and NFT transactions as the cryptocurrency space grows exponentially throughout the nation.

India to add a massive tax to cryptocurrency and NFT transactions 01 | TweakTown.com

According to India's finance minister Nirmala Sitharaman who made announced this past Tuesday that the country will be introducing a tax on all income from cryptocurrency and NFT. Sitharaman proposed that regulatory agencies will be introducing a flat 30% on all cryptocurrency income and a 1% tax deduction on all purchases of virtual assets.

The proposal from the nation's finance minister follows an exponentially growing cryptocurrency and NFT space, as Binance-owned WazirX announced last month that the yearly trading volume throughout its platform on 2021 has grown "1,735%" to $43 billion, compared to 2020. Additionally, India's central bank will be proposing a federally backed digital currency throughout the next financial year. India seems to be taking steps towards legalizing cryptocurrency as a whole.

"No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of digital asset cannot be set off against any other income. Gift of virtual digital asset is also proposed to be taxed at the hand of the recipient," said the nation's finance minister Nirmala Sitharaman.

"Introduction of a central bank digital currency will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system," she said

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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