Cryptocurrency in India: Budget 2022 should clarify govt stance, says Archit Gupta
Union Finance Minister Nirmala Sitharaman is all set to present Union Budget 2022 on February 1, 2022. The budget session of Parliament will begin on January 31, with the address of President Ram Nath Kovind. Several sectors have come out with their expectations and suggestions for the Budget. As the government stance on its cryptocurrency bill is still awaited, not everyone has clarity on the issue. Archit Gupta, Founder and CEO, Clear has shared his views on cryptocurrency tax, his expectations and other details ahead of the presentation of the Budget.
On cryptocurrency taxation, the Gupta said, "While the government is waiting on the cryptocurrency bill, much-needed clarity is expected on its taxation in the upcoming Union Budget 2022. There are various concerns about the taxation of crypto, its classification, applicable tax rates, TDS/TCS and GST implications on the sale and purchase of cryptocurrencies, etc. which we are hoping will be clarified during the budget session."
The founder and CEO of Clear said that the Finance Ministry may revise the personal income tax slab in this year’s Budget. Many experts believe that the two tax regimes still confuse the common man. The government may consider increasing the highest tax slab to Rs.20 lakh from Rs.15 lakh or allow certain deductions to make the new regime more enticing. Budget 2021 did not provide any major relief to the salaried class, he added.
The Budget 2021 may introduce tax-free work from home allowances for salaried employees. Allowing deductions for such expenses will raise the take-home salary, ultimately creating demand for goods and services in the country, Gupta said.
Due to the high direct tax collection this fiscal year, there may be a scope to increase
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