On the 1 February, Nirmala Sitharaman, the Finance Minister of India, gave the Modi government’s last budget before the Lok Sabha elections in 2024. In the speech, the minister announced a surge of 76% in terms of digital transactions across the country.
However, despite the growing number of digital transactions across India, the speech failed to bring up the topic of crypto. In terms of the technology sector, the government was more focused on advancements and developments in the A.I (Artificial Intelligence) space.
The legislation around crypto, as of now, largely remains the same as last year. For the uninitiated, capital gains obtained from crypto assets will be taxed at 30 percent, regardless of under which tax slab the taxpayer comes under.
However, it is important to note that the tax slabs for Indian citizens have been changed along with the tax deductions in those slabs. These changes could free up some income for Indian citizens, which could be used for making additional investments. Moreover, a part of these additional investments may find their way into the crypto market.
Source: https://ambcrypto.com/no-mention-of-crypto-in-indias-budget-investors-left-hanging/