According to the announcement on the Binance official blog, the Indian government has announced that it plans to tax income related to cryptoassets. The country is also aiming to launch its own digital currency (CBDC).
The government of India has been experiencing uncertainty in decisions regarding cryptoassets for a long time. Discussions about the legal status of cryptocurrencies in the country have been going on for months. According to the latest information, a decision has been taken to clarify the regulatory and taxation issues of cryptocurrencies. According to the decision, it was reported that a 30 percent tax was imposed on the sale of crypto assets in India.
Nirmala Sitharaman, India's Finance Minister, made the following statements in her annual budget speech: There has been a phenomenal increase in transactions with digital assets. The size and frequency of these transactions necessitated a certain tax regime.
Minister Nirmala Sitharaman also talked about CBDC plans. He said that work is underway to launch the Indian central bank digital currency (CBDC) in April 2022. The Reserve Bank of India (RBI) is working on a tiered implementation strategy for the CBDC.
Also, the rules governing the taxation of digital assets include that losses from the sale of crypto assets cannot be deducted from any other income. It is also stated that digital asset gifts will be taxed in the hands of the buyer.