IndiaTech, an industry association representing consumer internet startups, has written to Finance Minister Nirmala Sitharaman, seeking clarity on crypto taxation in Union Budget 2022-23.
IndiaTech has requested the government to alter existing tax laws to include crypto assets, and sought clarity on the method of taxation and their disclosures. The letter comes against the backdrop of a much delayed Cryptocurrency Bill 2021, which was to be introduced in the recently concluded winter session of the parliament.
Rameesh Kailasam, CEO of IndiaTech.org said that it has reiterated parts of what was submitted earlier and with the budget around the corner, it is an opportune time to seek tax clarity for individual investors, entities, and even for tax authorities.
He said, “While the bill on crypto maybe still in progress, the budget should address the tax and related issues quickly to ensure that there is clarity before the financial year ends and for the upcoming years as well. Ideally notifications from the Finance Ministry around taxation and GST council around GST will help clear the confusion for both crypto exchanges as well as investors.”
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