Will Sitharaman acknowledge demands for crypto exchanges in Budget 2022?

economictimes.indiatimes.com:

crypto bill has taken a back seat. That said, it is highly unlikely that the crypto industry will go unnoticed by the Finance Ministry. Domestic exchanges have some major demands they wish to be acknowledged by the government. Majority of exchanges have demanded clarity about the taxation over the income earned from the crypto assets and GST rules implemented on the trading platforms to ease the operations for all the parties involved.

Did you Know?

Producer, director, actor and politician Kamal Haasan is set to become the first Indian celebrity to have his own digital avatar in a metaverse

Industry players, at large, are not bothered with high rates on the new age investment, but are keen to get crypto to be classified as a legal asset, with detailed provision over tax deducted at source (TDS) and tax collected at source (TCS). On the contrary, tax veterans believe that crypto income is likely to be charged at the highest tax slab, similar to winnings from lottery, game shows, puzzle and others. Crypto exchanges believe a regularised environment will encourage more Indians to start their crypto investing journey, promoting financial inclusion in line with the government's vision. Sharan Nair, Chief Business Officer, CoinSwitch said that crypto adoption in India has increased, thanks to various macroeconomic developments in India and the world over the last year. «Today, leading crypto exchanges follow strict self-regulatory practices to ensure customer protection. We hope the upcoming Union Budget will bring in regulatory clarity and help standardize best practices, address misconceptions around this emerging asset class,» he added India has been witnessing an economic recovery despite COVID-19