A total of Rs.157.9 crore was collected by the Indian government in the form of tax deducted at source (TDS) stipulated under Section 194S of the Income Tax Act, 1961, according to a reply tabled in the Indian Parliament by Minister of State for Finance Pankaj Chaudhary. The data was for payments made upon transfer of virtual digital assets, up to March 20, 2023 for the financial year 2022-23, the reply added. The question was raised by Ram Nath Thakur in the Rajya Sabha— the upper house of the Parliament. Understanding virtual digital assets: The Indian government has amended the Income Tax Act, 1961 to provide the definition of what constitutes a virtual digital asset. It means – any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme: and can be transferred, stored or traded electronically; a non-fungible token or any other token of similar nature, by whatever name called; any other digital asset, as the Central Government may, by notification in the Official Gazette specify. Why it matters: It is the first time that the government has revealed the figures for how much tax it was able to…
How much tax was collected on transfer of crypto assets by the Indian Government?
Almost 158 crore were deducted as TDS on the transfer of virtual digital assets in 2022-23 which includes crypto, says govt in Parliament
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