homeeconomy News

Budget 2022 | If you're making money on crypto sales, I will tax you: Revenue secretary Tarun Bajaj

economy | Feb 1, 2022 7:33 PM IST

Budget 2022 | If you're making money on crypto sales, I will tax you: Revenue secretary Tarun Bajaj

Mini

Revenue Secretary Tarun Bajaj said it was up to the government decide if a policy is needed to regulate crypto transactions. He said, "My interest is that if somebody is making money out of crypto activities, I want to tax it."

Revenue Secretary Tarun Bajaj today said the 30% tax on transactions involving virtual digital assets (read crypto assets) is justified as those making a profit through such deals are not reporting them on their income tax returns.

Recommended Articles

View All

Responding to a question on regulation of crypto assets in India, Bajaj said, "I am not looking at whether we are legitimatising crypto or digital assets. My interest is that if somebody is making money out of crypto activities, I want to tax it. The government  will decide whether a bill on crypto regulation is needed are not. Some people who are trading in crypto are not showing it their returns, while others are showing them in returns, but in different forms. My point is, if you make money from crypto, then please share tax with the government."
Bajaj, meanwhile, said the government's revenues numbers are up by Rs 3 lakh crore for this year in RE vs BE. He said excise duty is specific and has gone down by Rs 10 on petrol and Rs 5 on diesel. In fact, he said, revenues is  going up by over 14 percent.
Tarun Bajaj said the economy has done well and that the government has strengthened the IT system for GST. He said India will truly begin to see the impact of Omicron on the economy later this month. He said the government is keen on ensuring taxes are collecting in a way that doesn't harass taxpayers.
Tarun Bajaj said the government is trying to be realistic about its disinvestment target and reiterated that the LIC will likely go public in the next fiscal; it was earlier speculated that the state-owned insurer will make its market debut in March. He said it is possible that the divestment target will be exceeded this calendar year. "We have been very prudent, realistic in revenue figures and should have a good year if we stick to what we have suggested in the Budget," Bajaj said.
For full coverage of Union Budget 2022, click here
For all the latest updates on Union Budget 2022, follow our LIVE blog here
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng