February 11, 2022
Pratima Mondal makes a Zero Hour mention on the need to reduce tax on cryptocurrencies and not treat it on the same level as betting and gambling
Honourable Chairperson, Sir, India has about 15-20 million crypto investors. These include several lakh young Indians with an average age of 17-27 years, who are part of the industry and are actively engaged in it. The total assets held by Indian crypto investments are about 5-6 billion dollars. Most of these are held by small investors who are investing with the intention of diversifying their portfolios, and have been disclosing their gains honestly and paying the applicable tax.
The crypto industry has been actively seeking regulation and has extended its complete support to the government to ensure transparency in activities and has also supported the authorities in their investigations.
The proposal put forth by the Honourable Finance Minister in the Budget 2022 has placed crypto on the same footing as social evils like betting and gambling. This can have a devastating impact not only on the industry but also the economy as a whole. Jobless Indian youth who are trying to earn through crypto will also have to pay a hefty tax of 30 per cent. This is unfair and illegal.
Thus the government must not treat cryptocurrency on the same footing as betting and gambling. It should be treated the same way as stock market transactions are.
Thank you, Sir.