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India’s 30% crypto-tax proposal – Can’t tax something ‘illegal’… or can it?
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Hours after the Indian government’s announcement to bring the transfer of digital assets into the 30% tax bracket, the industry seems to be divided on its implications.
Investor Rakesh Jhunjhunwala, for instance, known as the “Warren Buffett of India,” opined that Budget 2022 is the “death” of crypto in India.
Senior opposition leader Sachin Pilot was quick to take a jibe at the government’s decision too. He reportedly said,
“There’s no law on digital currency but there’s a tax against it now.”
While the policy proposal is turning political, some industry players also see the rate of taxation to be a bit extreme. Here, it is worth noting that a 30% tax is currently only levied on the highest income slab of over Rs 15 lakhs.
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