Decision after consultation
FM Nirmala Sitharaman has said the govt will take a decision on “banning or not banning” cryptocurrencies after consultations. Earlier, Sitharaman had announced the proposal of imposing a 30% tax on gains made on crypto trades
Additionally, a 1% TDS will be applicable on the transfer of such assets over a certain threshold.
Legitimise crypto traders
The crypto industry had welcomed the announcement that it legitimises their trades. However, the 30% tax has nothing to do with the legality of private cryptocurrencies, she said.
The government has the sovereign right to tax profit from cryptocurrency transactions, she added.
