The Indian Finance Minister Nirmala Sitharaman’s Union Budget 2023 presentation did not include any announcements pertaining to crypto assets, blockchain, or CBDC. The previous 30% crypto profit tax will remain in effect.
Last year, the Indian Parliament passed a finance bill charging a 30% crypto tax on profits and a 1% tax deducted at source (TDS) of purchase, after Nirmala Sitharaman in her Union Budget 2022 speech proposed the same.
The crypto community had expectations for some reduction in crypto tax in this year’s budget, but the government left them hanging. Yesterday, the Indian Economic Survey 2023 noted that crypto-assets do not strictly pass the test of being a financial asset, and called for a common approach to regulate the crypto ecosystem.
