India's Union Budget 2022: Country to Issue Digital Rupee Via Blockchain Tech, Crypto Gains to Be Taxed 30%

India's Finance Minister Nirmala Sitharaman on Tuesday unveiled the budget for the fiscal year 2022-23 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation.

Finance minister Nirmala Sitharaman on Tuesday said GST revenues are buoyant despite the Covid-19 pandemic. Presenting the Union Budget for 2022-23, the finance minister said remarkable progress has been made in the GST regime, although there are still a few challenges remaining. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore — the highest since the inception of the tax in 2017.

Furthermore, the annual economic survey was released a day ahead of Union Budget 2022. It stated that India will lead the world in economic growth at 8-8.5 percent and concluded that it has the headroom to spend more.

Union Budget 2022-23 will lay the foundation for India's economic growth and expansion for the next 25 years, Finance Minister Nirmala Sitharaman said while presenting the budget in the Lok Sabha.

In a major push for digital currency, India's Finance Minister Nirmala Sitharaman stated that the digital rupee will be issued using blockchain technology. Sitharaman stated that the Reserve Bank of India will start issuing its digital currency starting 2022-23.

This will give a big boost to the economy, the Finance Minister said.

Sitharaman added that the income from the transfer of any virtual digital asset shall be taxed at the rate of 30 percent. Any income from the transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.

Also, loss from the transfer of such assets cannot be set off against any other income. There will be a 1% tax-deductible at source on such transactions and gifts of such assets will also be taxed.

"Budget is very balanced. It boosts spending towards growth-oriented policies that create jobs, boost manufacturing, help agri-economy & infrastructure creation. In short, a mix of short-term boost & long-term structural emphasis is hallmark of this Budget."
Bombay Stock Exchange MD Ashish Chauhan

"M0di G0vernment’s Zer0 Sum Budget!

Nothing for
- Salaried class
- Middle class
- The poor & deprived
- Youth
- Farmers
- MSMEs"
Rahul Gandhi