Crypto is experiencing a resurgence this year. The markets are showing positive growth, retail activity is increasing, and there is clear regulatory progress happening worldwide. However, due to it being an election year in India, the Interim Budget had limitations that prevented the necessary tax adjustments for the sector.
On a positive note, the Government of India now has the chance to introduce comprehensive crypto regulations and improved tax policies in the upcoming full Budget, with the full support of the electorate. We continue to urge:
i) Allow offsetting and carrying forward losses
ii) Reducing the TDS on VDAs, from 1% to 0.01%
iiI) and treating income from VDAs on par with other capital assets
At a broader level, the Budget is a statement of intent. From Skill India Mission to Startup India to Digital India, the growth engines of the country have been cranked up with special schemes and financial outlay. The corpus of Rs 1 lakh crore long-term loans to encourage innovation in sunrise sectors and the renewed commitment to develop deep technologies will be the GDP multipliers for the coming decade.
And I congratulate Honorable FM for presenting the Budget for the 6th straight year!
