TDS imposed to track crypto transactions: Sitharaman

Union finance minister Nirmala Sitharaman said the government has decided to impose a 1% tax at source on the transfer of crypto or digital assets to track the transactions.

There is no confusion in terms of the roadmap for regulation of crypto as discussions are under way on the subject over whether the crypto market should be regulated or banned totally, Sitharaman said during the discussion on Finance Bill 2022 in the Lok Sabha.

“There is no confusing signal. We are very clear that there are consultations going on as to whether we want to regulate it or regulate it to some extent, or very much or totally ban it. After the consultations are concluded, the matter will come out, but till then we are taxing it as lot of transactions are happening there,” she said.