Hailing the Budget tabled Tuesday, NITI Aayog CEO Amitabh Kant, praised finance minister Nirmala Sitharaman. “It is a very progressive and forward-looking plan as it prepares India for the next stage of its sustained growth,” stated Mr Kant. He added that Budget 2022-23 is a continuation from the previous year. “The real highlight of the Budget is its huge expansion on the capital expenditure,” he noted.
The NITI Aayog top honcho said the Budget looks at sunrise areas of growth. “India needs to go green, India needs to go digital and that is what this Budget pitches for. It pushes for urbanisation, clean electricity, clean mobilisation and digital rupee,” he was quoted as saying to mediapersons.
Among the big announcements made by finance minister Nirmala Sitharaman are setting up of digital university, introduction of the blockchain-backed rupee and E-passports to be rolled out in 2022-2023. Digital assets stand to be taxed at 30 percent.
Regarding virtual assets, Kant said such assets like cryptocurrencies will not be banned but treated as another asset class and attract a tax of 30 per cent on capital gains. “It has gone for a regulation, which is a good thing for a new asset class like crypto,” he added.
In her Budget speech, Sitharaman said no deductions and exemptions will be allowed on virtual assets.
“The gifts are to be taxed on the hands of the recipient,” she said, adding “there will also be a 1 per cent tax deducted at source (TDS) on the payments made for the transfer of digital assets.” It was also announced that any loss made on the transaction of such digital assets cannot be set off against any other gain.
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