30% tax on ‘cryptocurrency’ income
Earnings from virtual currency transactions known as ‘cryptocurrency’ circulating on the Reserve Bank’s ‘digital rupee’ introductory websites are taxed at 30 per cent; In such ‘digital’ assets, a 1 per cent source tax will be levied on transactions exceeding a certain limit.
Excellent growth
Donations of cryptocurrency and digital assets are also taxable. Rakesh Nankia, President, Nankia Anderson India, said, “The taxation of digital currency income is no longer as welcome as the prize money for lottery and puzzle competitions.”
Like the cryptocurrency of private companies, the Reserve Bank is also planning to introduce ‘digital currency’. According to the budget, such digital rupee transactions will start in the coming 2022-23 financial year.
Numerous cryptocurrency markets are emerging worldwide. Among them, trading on virtual currencies is growing the most. However, there is no clear policy on the virtual currency market in India or the taxation of digital currencies.
Welcome
That is why the Reserve Bank is about to introduce digital rupee exchange. This will reduce the cost of currency administration. Nishal Shetty, CEO of VajrijX, a cryptocurrency exchange company, said, “India has joined the path of legalizing cryptocurrency trading; That’s welcome, ” he said.
Emergency loan extension for micro and small enterprises
The ECLGS, also known as the ECLGS for Small and Medium Enterprises (SMEs) affected by the Corona impact, has been extended until March 2023. An additional Rs 50,000 crore has been allocated for this project and it has been increased to Rs 5 lakh crore. Through this, 1.30 crore micro, small and medium enterprises will benefit.
Businesses, especially in the hospitality and allied services sectors, are being allocated extra funds to return to the pre-Corona level. 6,000 crore over the next five years for the RAMP project, which will help small, medium and micro enterprises overcome market competition.
Additional funding will be allocated to the CGDMSE, a credit guarantee trust for micro and small enterprises. Through this, small and micro enterprises can get an additional loan of Rs 2 lakh crore. This will increase employment, said Union Finance Minister Nirmala Sitharaman.
Rs 1 lakh crore interest free loan
To mobilize investments in the coming financial year, the states will be given an interest-free loan of Rs 1 lakh crore for 50 years. A panel of experts will be set up to recommend measures to increase private equity investment and venture capital.
Privately managed mutual fund schemes with 20 per cent share capital will be introduced to promote emerging sectors such as climate activism, sophisticated technology, the ‘digital’ economy, pharmaceuticals and agricultural technology.
Reduction in stock sale target budget
The central government has set a target of lowering the share sale of PSUs to Rs 65,000 crore in the coming financial year. However, through the sale of Air India, only Rs.
Next month, LIC will have a turnover of Rs 78,000 crore in the current financial year, including the amount available through share sales. More than this, the collection target for the coming financial year has been set at Rs 13,000 crore.