The Union Budget will be presented by Finance Minister Nirmala Sitharaman in Lok Sabha today at 11 am, and will spell out the course of the government's fiscal trajectory for the upcoming financial year.
It comes as the economy continues its recovery from the COVID-19 pandemic, and will layout the game plan of the government's roadmap ahead. It also comes at a time when inflation is a concern globally and in India, and central banks across the world start a taper, and close their taps on global pandemic-era easy money.
With stronger governmental revenues this financial year, the fiscal deficit target will also be seen. The fiscal deficit target for this year is 6.8% of GDP.
Stay tuned with BOOM on live updates on the Union Budget
An RBI issued digital currency can be considered as a currency, since it is backed and issued by the government, said FM Nirmala Sitharaman. Anything outside this perview, including cryptocurrencies, will not be treated as currencies, and is not being defined as such. Rather, it will be a digital asset. Any profits arising from the transfer of this asset is being taxed at 30%.
CEO and Founder of cryptocurrency exchange WazirX, with a significant online presence, calls taxation clarity on cryptocurrency a positive step. The government introduced a 30% tax on cryptocurrency and other digital asset transactions.
Hope to see a reduction of crypto ban fear in India
— Nischal (WazirX) ⚡️ (@NischalShetty) February 1, 2022
India just taxed crypto 💪
Lot to unpack here but overall this is a very positive step forward for crypto ecosystem in India 🇮🇳#IndiaWantsCrypto