New Delhi: In Union Budget on February 1, Finance Minister Nirmala Sitharaman announced that any income coming from cryptocurrencies will be taxed at 30%. She also added that no deduction will be carried out except the cost of acquisition will be allowed and no loss in the transaction will be allowed to be carried forward. This was a huge announcement, bringing major setback for crypto investors and taxpayers.
Now, netizens have initiated an online campaign showcasing their grievances against the crypto tax trade being charged 30%. They are clamouring for the rollback of steep tax collection in crypto trade which is quite high for the middle-class and the salaried-class. Thus, netizens have poured their heart out in sharing memes and illustrations on the same, making #reducecryptotax trend in the top spot on Twitter.
Take a look at some of the best ones:
#reducecryptotax
30% tax is so much
Please? reduce tax for small ? investors pic.twitter.com/sWTCL8nO2A— Gautam Goswami (@GautamG59231507) February 3, 2022
Reduce taxation on small traders. #reducecryptotax pic.twitter.com/i6uHKcEoNo
— jayapradap (@jayapradap) February 3, 2022
#reducecryptotax
Government is doing shity things. pic.twitter.com/Zf2s54Mnjn— Bhupendra Singh (@bhupendra0890) February 3, 2022
Crypto Investors Supporting This Trend Be Like : #reducecryptotax pic.twitter.com/yElHPt7JUI
— Rishab Singh (@ThatsRishab) February 3, 2022
Your Profit is my Profit and your Loss is loss?#reducecryptotax #cryptocurrency pic.twitter.com/TNwPZApbg2
— Vikram Singh (@VikramS22672779) February 3, 2022
Reduce cryptocurrencies tax #reducecryptotax pic.twitter.com/TVZe1qFjVI
— Mahaveer Ameta (@mahaveer_ameta) February 3, 2022
India getting worse than any other country.
We are people, not your employer to work for you.#cryptocurrency#reducecryptotax pic.twitter.com/301KGhNTXd
— Rohit Pillewan (@rohit_pillewan) February 3, 2022
*Meanwhile my reaction after seeing flat 30% Tax and 1% TDS on crypto*#reducecryptotax pic.twitter.com/kchXZEpSm8
— Rama Shankar (@rockrama35) February 3, 2022
On one hand they say that there are many scams in crypto. And they are not backed by any organization. And if scams happen then you will not get even a single rupee.
But why do we need scammers when the Indian government is with us.@nsitharaman @PMOIndia #reducecryptotax pic.twitter.com/LdKJxDL0vu
— Shriyansh Shukla (@ShriyanshShuk20) February 3, 2022
#reducecryptotax #reducecryptotax
Crypto traders to Government?? pic.twitter.com/VVyhXYmiVh
— Amit & Crypto (@amitandCrypto) February 3, 2022
This is absurd .
Virtual assets aren’t luxury assets , they’ll go mainstream in a few months.
I cannot fathom how someone can go against something so revolutionary.
We need youth who understands defi , daos , nfts ,and the web3 ethos to be in the panel . pic.twitter.com/l2dDZCeXGv
— NFTS EVERYDAY (@alldaynfts) February 3, 2022
Nirmala Sitharaman stated, “There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.”
Additionally, she also announced that the Reserve Bank of India will be introducing Digital Rupee in the upcoming financial year.
