As declared by Union Budget 2022-23, Indian cryptocurrency investors will have to pay tax under the new scheme for Taxation of Virtual Digital Assets from April 1. However, the current tax regime is expected to trigger a mass exodus of talent from the country, which faces the risk of missing out on Web 3.0 innovation, says
Priyanka Chaturvedi, a Member of Parliament.
During the parliamentary proceedings, Chaturvedi said the failure to understand the cryptocurrency industry and Web 3.0, its employment generation capacity, and several other aspects has led the Indian government to impose high taxation while regulation still hangs in limbo.
Championing the creation of a regulatory framework, the minister stated,
“We are living in the world of web 3.0, either we choose to bite the bullet or we dodge the bullet.”
Last week, India’s lower house of parliament, the Lok Sabha, passed the much-anticipated 2022 Finance Bill.
The high tax bracket is a major cause of concern for many novic
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