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<ul><li>The <keyword id="44734" type="General" weightage="20" keywordseo="indian-government" source="Orion">Indian government</keyword>, earlier this year, brought virtual digital assets (<keyword id="56768" type="General" weightage="80" keywordseo="vda" source="Orion">VDA</keyword>) under the ambit of taxation. </li><li>At the time, however, there were several aspects that were not clarified, including how NFTs are defined and calculation of the 1% TDS. </li><li>Now, the taxman is reportedly working on guidelines ahead of the first advance tax due date in June. </li></ul>The government is reportedly working on defining how non-fungible tokens or NFTs can be taxed. It is likely to include them under the definition of virtual digital assets (VDA) like Bitcoin, Ethereum and other cryptocurrencies. A report by <a href="https://www.business-standard.com/article/economy-policy/centre-likely-to-lift-veil-on-taxing-nft-as-virtual-digital-asset-122053000066_1.html">Business Standard</a> quoting unnamed sources states that the Central Board of Direct Taxes (CBDT) is working on guidelines in this regard. This is to essentially remove any ambiguity about NFTs, which will make it clearer for both tax assessees as well as the tax department to compute and levy taxes. It is worth noting that the first due date of advance tax payment is inching close – the first instalment falls due on June 15. Assessees are required to estimate their tax liability for the year and then pay 15% of it by June 15. “There are several key issues requiring clarity on the definition of virtual assets and their implementation. They must be settled before the first advance tax instalment due date to ensure taxpayers are able to accurately calculate their taxes and avoid interest and penalties for shortfall in tax payments,” the report said, quoting an unnamed official. <cmsannotation type="cmsannotation" annotationid="CBDT guidelines on VDA to shed more light on 1% TDS as well" comment="subhead" text="CBDT guidelines on VDA to shed more light on 1% TDS as well">CBDT guidelines on VDA to shed more light on 1% TDS as well</cmsannotation> Apart from just defining NFTs and whether they are covered under VDAs for the purpose of taxation, the taxman is also expected to explain how to calculate the 1% TDS on cryptocurrency transactions. For context, the Indian government introduced a 1% TDS in its annual budget in February this year, stating that the goal was to track crypto transactions. However, industry players have criticised this move, saying that this will make the crypto market illiquid. Alternatively, industry players have suggested a 0.01% TDS as this would achieve the goal of tracking crypto transactions without levying an indirect penalty on day traders and crypto investors. According to the government’s announcement, a 1% TDS is chargeable on each crypto transaction, which makes day trading in crypto rather difficult. While the excess tax collected will be refunded by the government eventually, it locks away capital for no reason whatsoever. <cmsannotation type="cmsannotation" annotationid="Crypto tax in Budget 2022-23 – a quick recap" comment="subhead" text="Crypto tax in Budget 2022-23 – a quick recap">Crypto tax in Budget 2022-23 – a quick recap</cmsannotation> The Indian government <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">levied</a> a flat 30% tax on income from all virtual digital assets, including cryptocurrencies and NFTs. To make matters worse, finance minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> also announced that losses from VDAs will not be allowed to be set off against income from VDAs. Further, the government also removed the option of taxing crypto gains under the head ‘Capital Gains’, which means even investors who hold crypto assets for a long period of time will have to pay tax at 30%, instead of the lower rates under the capital gains head. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/as-india-looks-to-reign-in-crypto-heres-a-look-at-how-theyre-regulated-across-the-world/slidelist/87889544.cms">As India looks to rein in crypto, here's a look at how they're regulated across the world</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-tax-will-either-send-traders-underground-or-back-to-stock-markets-say-experts/articleshow/89802649.cms">India’s crypto tax will either send traders underground or back to stock markets, say experts</a> <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">From cryptocurrencies to NFTs, India to tax all ‘virtual digital’ assets at 30%</a>

After cryptos, the taxman could come for your NFTs says a new report

<ul><li>DeFi transactions could be subject to a 5% equalisation levy soon.</li><li>The government is also looking to levy an additional TDS from DeFi transactions.</li><li>However, the taxes will not apply to digital assets like rewards from fintech platforms and more.</li></ul>India’s upcoming <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> regulations may include good news for <keyword id="12866711" type="General" weightage="20" keywordseo="web2" source="Orion">web2</keyword> platforms and more bad news for those running <keyword id="12465420" type="General" weightage="20" keywordseo="web3" source="Orion">web3</keyword> businesses. According to two reports from Economic Times, the definition of virtual digital assets (VDAs) will exclude digital reward programmes run by gaming and other platforms, cashback on cards and wallets, and more. At the same time, the government may introduce a new tax for decentralized finance (DeFi) platforms. To be sure, India started imposing a 30% tax on <keyword id="56768" type="General" weightage="20" keywordseo="vda" source="Orion">VDA</keyword> transactions from April 1. It also imposes a 1% tax deduction at source (TDS) on sellers of cryptocurrencies. However, the government had a wide definition of VDAs when the taxes were first announced, during the Union Budget in February. <cmsannotation type="cmsannotation" annotationid="Excluding some digital assets" comment="subhead" text="Excluding some digital assets">Excluding some digital assets</cmsannotation> According to the first <a href="https://economictimes.indiatimes.com/news/economy/finance/reward-points-e-vouchers-out-of-crypto-tax-ambit/articleshow/91299526.cms">report</a>, the country will exclude e-vouchers, points earned on cards for shopping and payments, and other such digital assets. The report quoted officials from the Central Board of Direct Taxes who said that while the definition of VDAs will be clarified later, the taxes are meant to be levied on income generated “through cryptographic means”. This should be a point of relief for gaming platforms and fintech firms, which were worried about VDA taxes being applied to their reward programmes. Such programmes are often used by such platforms as a means of acquiring new customers. <cmsannotation type="cmsannotation" annotationid="DeFi tax" comment="subhead" text="DeFi tax">DeFi tax</cmsannotation> While that’s good news for gaming and fintech platforms that mostly operate on web2 business models, DeFi platforms may be in trouble. The second <a href="https://economictimes.indiatimes.com/tech/technology/decentralised-finance-under-taxmans-lens-government-set-to-levy-additional-taxes/articleshow/91269226.cms">report</a> by ET said that the tax department is looking to “slap additional TDS and equalisation levy” on crypto transactions and income generated by Indians from platforms based outside of India. Such platforms often consist of DeFi firms, but would also include companies like Biconomy, Stader Labs, and more, which provide services to firms overseas. “The government is looking to levy 20% TDS on these transactions, especially when one of the persons who has entered the contract has not submitted their PAN card details,” the report said, citing a person aware of developments. Equalisation levy is a tax India levies on platforms based outside the country, that generate income by doing business within its borders. The same tax is also levied on firms like Google, Amazon, Facebook, and more, and has been opposed by such firms as well. The report claimed that a 5% equalisation levy may be imposed on transactions on DeFi platforms. The tax on DeFi platforms could further affect the crypto industry, which has taken a slight downturn in the past month. Crypto research platform Crebaco <a href="https://fortune.com/2022/04/23/india-cryptocurrency-exchanges-trading-regulation-tax-upi-payments-wazirx-coindcx-buyucoin/">reported</a> on April 1 that trading volumes on top exchanges like WazirX, CoinDCX, and Zebpay had fallen by over 50% after the taxes on crypto income mentioned above came into effect. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-could-post-a-blockbuster-5000-crore-profit-in-the-march-quarter-say-analysts/articleshow/91316654.cms">Reliance Jio could post a blockbuster ₹5,000 crore profit in the March quarter, say analysts</a> <a href="https://www.businessinsider.in/retail/news/reliance-industries-retail-business-could-reach-new-heights-all-thanks-to-increased-investments-and-muted-covid-wave/articleshow/91312838.cms">Reliance Retail could touch new heights thanks to a muted third wave of COVID-19 and increased investments</a> <a href="https://www.businessinsider.in/cryptocurrency/revise-bags-3-5-million-to-make-nfts-interactive/articleshow/91170082.cms">Revise bags $3.5 million to make NFTs interactive</a>

India’s crypto taxes may reportedly spell bad news for DeFi firms

<ul><li>You must disclose income from virtual digital assets (VDA)s such as <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, non fungible token (NFT)s and more in the ‘schedule VDA’ provided in the <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> form. </li><li>Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. </li><li>The donation reference number (ARN), obtained from the form 10BE donation certificate must be included in the ITR to avail 80G deductions. </li></ul>With the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> filing deadline less than a month away, you need to ensure you are up-to-date on all the changes that are applicable this year. While modifications in tax and taxability of income from insurance policies (other than ULIPs) are among the most notable changes that have drawn a lot of attention, there are a couple of lesser known changes one should be aware of when filing one’s taxes. We take a look at these changes. The first is about disclosing income from virtual digital assets (VDAs) such as cryptocurrencies. “The taxpayer must disclose income from VDAs such as cryptocurrencies, NFTs, and so on in the "schedule VDA" provided in the ITR form,” says Aashish Sharma, co- founder and litigation head, Lex N Tax, a tax consultancy firm. Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. “Those who get VDA income are not eligible to file ITR-1 or ITR-4. Such income can instead be declared in ITR 2 or ITR 3. Further, income from VDAs can be taxed either under the head of business income or capital gains,” says Sharma. Budget 2022 had introduced new NFT (non fungible token) and VDA regulations. The transfer of such assets will be subject to an income tax rate of 30% plus a surcharge and a levy beginning April 1, 2022, as per recent regulations. “TDS will be deducted at 1% of the sale price beginning July 1, 2022. This tax will be deducted by the developer, intermediary, broker or donor. The taxpayers cannot set off losses or carry forward the losses within crypto or from different heads,” says Suneel Dasari, founder and chief executive officer at EZTax, a tax portal. <cmsannotation type="cmsannotation" annotationid="Provide details of donation reference number to avail 80G deductions" comment="subhead" text="Provide details of donation reference number to avail 80G deductions">Provide details of donation reference number to avail 80G deductions</cmsannotation> To avail a deduction under <keyword id="1667689" type="General" weightage="20" keywordseo="section-80g" source="Orion">Section 80G</keyword> for donations made to charitable institutions, non governmental organisations or research universities, it is crucial to possess the donation receipt, and the donation certificate in Form 10BE. Taxpayers must provide the necessary information regarding their donations in the relevant 'Schedule 80G' within the ITR form in order to claim the deduction. “All approved u/s 80G charitable institutions, NGOs, and research universities must submit Form 10BD for all donations received during the fiscal year. They must also provide form 10BE to the recipients,” says Dasari. Form 10BE, containing a unique registration number, will be issued to benefactors after form 10BD has been filed by the institution. It is essential to enter donation details accurately in the appropriate table while filing the ITR. There is a new column under Table D for disclosing the donation reference number (ARN) for donations made to eligible entities where a 50% deduction is allowed, subject to the qualifying limit. The ARN, obtained from the form 10BE donation certificate issued by the institutions who received the donation, must be included in the ITR. This has been implemented to match donor and donee records and reduce the prevalence of fraudulent donations claims.

Two new tax rules you should be aware of when filing your taxes

<ul><li> Guidelines issued after extensive consultation with all stakeholders, including the government.</li><li>It will be applicable to all virtual digital asset-related ads released on or after 1st April, 2022.</li></ul>Even as the Indian government continues to work on the framework for Virtual digital assets, commonly referred to as crypto or NFT products. Advertising for these products has been very aggressive over the past few months. The <keyword id="120108" type="General" weightage="20" keywordseo="Advertising-Standards-Council-of-India" source="Orion">Advertising Standards Council of India</keyword> (<keyword id="169284" type="General" weightage="20" keywordseo="ASCI" source="Orion">ASCI</keyword>) noted that several of these advertisements do not adequately disclose the risks associated with such products. In order to safeguard consumer interest, and to ensure that ads do not mislead or exploit consumers’ lack of expertise on these products, ASCI has extensively consulted with different stakeholders including government and the virtual digital asset industry – to frame guidelines for virtual digital asset advertising. All advertising for virtual digital assets and services needs to follow the following guidelines: (1.1)All ads for VDA products and VDA exchanges, or featuring VDAs, must carry the following disclaimer. “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” Such a disclaimer must be made in the following manner so that it is PROMINENT and UNMISSABLE by an average consumer: (a)In print or static, equal to at least 1/5th of the advertising space at the bottom of the advertisement in an easy-to-read font, against a plain background, and to the maximum font size afforded by the space. (b) In video, the disclaimer should be placed at the end of the advertisement against a plain background. A voice over must accompany the disclaimer in text. The voiceover should be at a normal speaking pace and must not be hurried. In the case of long format video of over two minutes, the said disclaimer should be repeated at the beginning and at the end of the video. The disclaimer must remain on screen for a minimum of five seconds. (c)In audio, the disclaimer must be spoken at the end of the advertisement. The voiceover should be at a normal speaking pace and must not be hurried. In the case of long format audio of over 90 seconds, the said disclaimer should be repeated at the beginning and at the end of the audio. (d)In social media posts, such a disclaimer must be carried in both- the caption as well as any picture or video attachments. The disclaimer within the caption must be placed upfront at the beginning of the post. Where social media posts. or advertisements have restrictions on text in the static picture, the disclaimer must be carried upfront in the caption before the fold. (e)In disappearing stories or posts unaccompanied by text, the said disclaimer will need to be voiced at the end of the story in the manner laid out in points (a) or (b) above. If the video is 15 seconds or lesser, then the disclaimer may be carried in a prominent and visible manner as an overlay. (f)In formats where there is a limit on characters, the following shortened disclaimer must be used “Crypto products and NFTs are unregulated and risky” followed by a link to the full disclaimer. (g)The disclaimer must be made in the dominant language of the advertisement (h)In addition to the above, all disclaimers must meet the minimum requirements laid down in the <keyword id="10323570" type="General" weightage="20" keywordseo="asci-guidelines" source="Orion">ASCI guidelines</keyword> for disclaimers. (2) The words “currency”, “securities”, “custodian” and “depositories” may not be used in advertisements of VDA products or services as consumers associate these terms with regulated products. (3)The information contained in advertisements shall not contradict the information or warnings that the regulated entities provide to customers in the marketing of VDA products from time to time. (4) Advertisements that provide information on the cost or profitability of VDA products shall contain clear, accurate, sufficient and updated information. For example, “zero cost” will need to include all costs that the consumer might reasonably associate with the offer or transaction. (5) Information on past performance shall not be provided in any partial or biased manner. Returns for periods of less than 12 months shall not be included. (6) Every advertisement for VDA products must clearly give out the name of the advertiser and provide an easy way to contact them (phone number or email). This information should be presented in a manner that is easily understood by the average consumer. (7) No advertisement for VDA products or exchanges may show a minor, or someone who appears to be a minor, directly dealing with the product, or talking about the product (8) No advertisement may show that VDA products or VDA trading could be a solution to money problems, personality problems or other such drawbacks. (9) No advertisement shall contain statements that promise or guarantee future increase in profits. (10) No advertisement may show that understanding VDA products is so easy that consumers do not have to think twice about investing. Nothing in the ad should downplay the risks associated with the category. (11) VDA products may not be compared to any other asset class which is regulated. (12) Since this is a risky category, celebrities or prominent personalities who appear in VDA advertisements must take special care to ensure that they have done their due diligence about the statements and claims made in the advertisement, so as not to mislead consumers. The guidelines will be applicable to all advertisements released or published on or after the 1st of April 2022. Advertisers and media owners must also ensure that all earlier advertisements must not appear in the public domain unless they comply with the guidelines, post the 15th of April 2022. Subhash Kamath, Chairman of ASCI, said: “We had several rounds of discussion with the government, finance sector regulators, and industry stakeholders before framing these guidelines. Advertising of virtual digital assets and services needs specific guidance, considering that this is a new and as yet an emerging way of investing. Hence, there is a need to make consumers aware of the risks and ask them to proceed with caution”. These guidelines interpret, for virtual digital assets, Chapter 1 of the ASCI code, particularly clauses 1.1, 1.4 and 1.5. that require ads to be truthful, and not mislead consumers by implication, ambiguity, exaggeration or omission, and are not framed in a way that abuses their trust or exploits their lack of knowledge. It is important to note that these guidelines do not amount to any legal recognition or endorsement of the industry or the sector, as that is a matter of government policy. ASCI only provides self-regulation for content of ads that are permitted by law. Manisha Kapoor, Secretary General, ASCI, said: “We have seen a spate of advertising for virtual digital assets which could compromise consumer interest in the absence of some guardrails. Use of celebrities and high decibel advertising would attract consumers to these offerings, without full disclosure of the risks. Given that this is, as of now, an unregulated space, it is even more important for advertising to be upfront regarding the risks associated with these products. Globally, this is an emerging technology and products in the virtual digital asset industry have seen significant volatility. We believe with these guidelines, advertisements would be fairer and more transparent.

ASCI frames guidelines for advertising and promotion of NFT products

The newly opened tent city in <keyword id="6357203" type="General" weightage="80" keywordseo="varanasi" source="Orion">Varanasi</keyword> is emerging as a hot favourite wedding destination. The tent city, developed in <keyword id="6357202" type="General" weightage="100" keywordseo="ganga" source="Orion">Ganga</keyword> upstream near Ramnagar and accessible from Ravidas Ghat and Namo Ghat by boats, is witnessing a huge rush for February weddings. The tent city was inaugurated by Prime Minister Narendra Modi on January 13 and became operational on Sunday. Varanasi Development Authority (VDA) vice chairman Abhishek Goyal said that the guests have already started checking into the tent city. Two companies -- <keyword id="16075667" type="General" weightage="80" keywordseo="praveg-communications" source="Orion">Praveg Communications</keyword> (India) Limited and Lalluji and Sons of Ahmedabad -- have developed the tent city in two separate patches in 30-hectare land on the sand bed on the opposite bank of river Ganga. Praveg Communications has started accommodating the guests in the luxurious tents. <keyword id="16070812" type="General" weightage="50" keywordseo="prolina-barada" source="Orion">Prolina Barada</keyword> of Praveg Communications told the media, "Of 140 tents developed by us, 80 were ready for accommodating guests. Amit Gupta of Lalluji and Sons said that guests will start checking in the tents of his company from January 19. The tents have been booked for almost all dates till April. Those staying in the tent city will get the opportunity to take part in the morning Ganga Aarti and also perform the aarti apart from visiting Kashi Vishwanath Dham and other sites of their preference. "Interestingly, locals are also making reservations for tent cities. Maximum customers prefer river-facing Ganga Darshan tents, which are the highest-end accommodation. Tents are being made available in four categories -- Ganga Darshan Villa, Kashi suits, premium and deluxe tents in packages ranging from Rs 20,000 to Rs 7,500 per night while bed and breakfast facilities are available in each category. High-end Ganga Darshan Villas are river-facing along with a private beach, plunge pool, hall and many additional facilities. <keyword id="1398883" type="General" weightage="50" keywordseo="swati-awasthi" source="Orion">Swati Awasthi</keyword>, a local resident, said that she had booked tents for her daughter's wedding in February because the facilities were at par with five-star hotels. "Besides, it will be a new experience for the guests," she added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/realty-developers-positive-on-demand-keen-on-branded-homes-plotted-developments-credai-survey/articleshow/97025103.cms">Realty developers positive on demand, keen on branded homes &amp; plotted developments: Credai survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-great-republic-day-sale-best-deals-on-monitors-mouse-keyboards-and-other-pc-accessories-and-components/articleshow/97026627.cms">Amazon Great Republic Day Sale – best deals on monitors, mouse, keyboards, and other PC accessories and components</a>

With a view of river Ganga, Varanasi's tent city becomes hot favourite wedding destination

<ul><li>The Advertising Standard Council of India has released a new set of guidelines for <keyword id="10879114" type="General" weightage="20" keywordseo="non-fungible-tokens" source="Orion">Non-Fungible Tokens</keyword> and <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">Cryptocurrency</keyword>, effective from April 2022.</li><li>After November 2021, all major <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> exchanges had to put a pause on their marketing and advertising activities as PM Narendra Modi had announced in a Parliament meeting that attempts to mislead the youth through over-promising and non-transparent advertising need to be stopped.</li><li>After a long hiatus, now that there will be more clarity and standardization in crypto advertisements with <keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword>’s guidelines, their ad expenditure is likely to return on digital and traditional mediums.</li><li>We reached out to experts to discuss how players in the segment can navigate these challenges and woo consumers without violating regulations.</li></ul>The latest trend flooding the internet is Non-fungible Tokens. From Indian celebrities like Deepika Padukone, Amitabh Bachchan, Sonu Nigam, Nucleya, Yuvraj Singh to brands such as Yum!, Rage Coffee, MG Motors India -- have announced their foray into the <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> world. A recent report by Deloitte predicts that India will be quick to catch on to the global NFT revolution with favourable regulations. In fact, it says that NFTs for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for 2021. Another report from market research firm Finder said that Asian countries are outpacing the rest of the globe in terms of crypto adoption. The Asian country with the highest percentage of crypto ownership was Vietnam at 40% followed by Indonesia, India, Malaysia, and the Philippines, respectively. However, since November 2021, all major crypto exchanges in India had put a pause on their marketing and advertising activities after PM Narendra Modi had announced in a Parliament meeting that ‘attempts to mislead the youth through over-promising and non-transparent advertising should be stopped.’ Since then, the crypto exchanges have refrained from launching fresh advertisements on print, television and radio. Now, the <a href="https://www.businessinsider.in/advertising/ad-tech/news/asci-frames-guidelines-for-advertising-and-promotion-of-crypto-and-nft-products/articleshow/89764550.cms">Advertising Standards Council of India</a> has released a new set of guidelines for NFT products and crypto exchanges. Under the new standards, all Virtual Digital Assets and services will be required to carry prominent disclaimers. <div type="Article" hostid="261" msid="89764550" title="ASCI frames guidelines for advertising and promotion of NFT products" mstype="2" mssubtype="0"></div> Experts welcome new ASCI guidelines; call it a step in the right direction Crypto platforms, after a long hiatus from marketing, are up for the challenge and are excited to be resuming their marketing activities before the Indian Premier League. Welcoming the new guidelines, Ashish Singhal, Founder and CEO, CoinSwitch said, "The ASCI guidelines are a step in the right direction to standardize advertisements within the VDA space. The VDA industry is supportive of all efforts towards investor protection, however, there are nuances that need to be addressed as the space is ever-evolving. We will continue to work together with ASCI and other stakeholders to refine them further.” Manasa Rajan, Business Head at Jupiter Meta also said that the new guidelines will improve accountability. She said, “This move is welcome and will offer further legitimacy to this space and create more accountability from the marketers, which is a positive direction for a nascent category with a customer-centric approach. While cryptos are seen as purely investment or trading opportunities, where the ultimate goal is profit., NFTs have a value proposition that is far more versatile than just speculative worth. It is more about changing the way we consume content, engage with art &amp; artists and immerse ourselves in popular culture. So, NFTs’ value cannot be seen from a trader’s lens alone. The experience of involvement, decision making, ownership &amp; utility have emotions attached to it, just like art, gold or even high-end brand purchases. Hence, a regulatory framework should be more inclusive in approach for a nascent category, where the inherent value of these NFTs is still being discovered.” The regulations come almost a month after Finance Minister Nirmala Sitharaman announced plans to tax crypto investments by 30% during India’s Union Budget. While most <keyword id="12386484" type="General" weightage="20" keywordseo="crypto-ads" source="Orion">crypto ads</keyword> did come with disclaimers, they were easy to miss as they appeared at the bottom of the screen or flew by in a few seconds at the end of it. As per the new guidelines, the voiceover will be required to be at a normal speaking pace so that the consumer can’t miss it. In the case of a long-format video of over two minutes, the disclaimer will be required to be repeated at the beginning and at the end of the video and stay on screen for a minimum of five seconds. No crypto advertisement can now contain statements that promise or guarantee future increase in profits either. Overall, the current guidelines indicate that ads cannot mislead, misguide, give false information, or exploit a consumer’s lack of expertise on a subject. Whether it was CoinSwitch’s maiden B2C advertisement with Ranveer Singh or Ayushmann Khurrana’s campaign with CoinDCX, advertisements last year showed how investing in crypto is the future and it is very easy and simple to invest in. All of these ads painted a rosy picture that highlighted the highs and downplayed the volatility and risk of the assets. Therefore, ASCI is now restricting VDA products from claiming that their assets are so easy that consumers do not have to think twice about investing. It is also barring the use of the words ‘currency, securities, custodian and depositories’ in crypto-related ads. The task now for these crypto players is to win the confidence of people, raise awareness and educate, while convincing them that it is safe to invest in crypto. On top of these regulations and lack of trust in the market, crypto exchanges will be competing with the government’s own digital currency. Rikki Agarwal, Co-Founder &amp; COO from Blink said, “Last year, we saw an uptick in the crypto ad spends during the festive season and during important cricket matches. The new guidelines by ASCI will certainly have an impact on the brand spends, especially during the upcoming IPL tournament. The associations with Influencers and celebrities will also witness a radical shift. The move will definitely help in education and creating awareness amongst the consumers but it is too early to comment on the impact on the brands. Currently, India is the second-largest market in cryptocurrency adoption and the culture seems to be growing rapidly. With the adoption increasing among young men and women, private players such as CoinSwitch Kuber, CoinDCX and WazirX had plans to increase their ad spendings to compete with the possible launch of the government's digital currency. With the move from ASCI, the brands will definitely have to relook at their strategy and plan their ad spends. Brands will also have to consider spending on other platforms and mediums to interact with the consumers and will open up new avenues for growth.” Crypto platforms will also have to relook at the duration of their ads because it might get difficult for the audience to understand crypto in 10-15 seconds; it could send the wrong message across and mislead consumers. Navigating the challenges of advertising in the NFT, Crypto landscape While there are a lot of grays in crypto ads and ASCI guidelines will certainly bring transparency, will it restrict creative freedom? Vijay Pravin, Founder &amp; CEO of bitsCrunch, does not think it will. “With the new tax rules and now ASCI’s regulations, I don’t think it will be challenging for digital products to be creative. In fact, this will bring out more creativity among the Web-3 people. When people came out with the concept of Cryptocurrency, it was laughed at, since it was new and seemed confusing. Likewise, the laws and regulations for cryptos will take time to be able to cover all bases. With web-3, we are enabling an additional asset class for the future. For sure, in the years to come, we are going to witness a quirkier side of NFT and crypto projects than now. Regulations or laws keep changing. This is the current stand but in a few months or years, we could witness something else. But the technology or the infrastructure remains the same. We already witness that India is making progressive steps towards Blockchain technology. I am personally looking forward to seeing how this technology and the landscape evolves,” said he. Raj Shamani- Digital Content Creator, Entrepreneur, Investor and Podcaster said that while creativity will get hampered to some extent, the overall impact on the whole industry and people interested in this industry will be positive. “A lot of people have been misusing their power to pump &amp; dump and promote wrong things just to make quick bucks. This is going to be good for people who are here for the right reasons because they are anyway educating. And if they are providing good value education, people are going to learn about it. Also, it's always the best to tell people I am not personally recommending so that people can easily differentiate between honest opinion and promotional opinion,” said Shamani. He also shared some advice on how to connect with consumers. He said, “The best way to woo consumers is to provide them the right education and value. If you educate your audience right. If you tell them the right things. If you let them know the use cases. If you tell them about the community power. If you tell them how this is going to empower their life and not 'sell it'. The content will connect. People who have been already doing this thing in the space won't face a problem. In fact, this will make people more aware and push them to promote and make the right content. This will only help to eliminate the promotion of bad projects.” Anjali Malthankar, National Strategy Director, Tonic Worldwide said that with everything new comes excitement and concern and both need our attention. "I think the attention from regulators for any space which is seeing a crazy traction in such a short period, is expected. At the pace that NFT, Crypto are growing in popularity the interventions are understandable. As far as the challenge for creative promotions is concerned, I think the creative agencies have often come across the term during briefings – “It’s a creative challenge” So, in that spirit creative will always find its way to not let this come in the way of creativity. There have been very many categories, including traditional finance categories which have disclaimers and yet it does not stop good creative work. In fact, the fence sitters or doubters who were unsure of the VDA products, might consider the category, as promoters get more upfront and transparent about it. If VDA brands are strategically not dependent on or riding on the fad, confusion, consumers’ lack of knowledge and noise but have a genuine offering, then it is just about giving space to disclaimer which for today’s smart and conscious consumer is nothing but a sign of transparency. In fact, if we see closely Crypto and NFTs are born out of blockchain and the need for transparency and hence in intent they are both (the regulators and VDA category) on the same page." Rage Coffee recently made its debut in the blockchain matrix with its valentine's NFT campaign. Its Founder, Bharat Sethi said that the growing adoption of crypto tokens has led to the emergence of advertisements that downplay the risk associated with these assets. Therefore, according to Sethi, increased transparency is a welcome move and where it might impact creative freedom, when it comes as a hit on the consumer interest, it is best to be transparent and supply critical information/disclaimers in this volatile category. “Even after including the disclaimers and adhering to the guidelines, there is scope for being creative. It does restrict creative freedom in communication; however, this is in the best interest of an average consumer who might not have in-depth knowledge about cryptocurrency and VDAs. A promise that can not be kept should ideally not be made in a promotion. There is a need to educate the consumer on the basic ideas around NFT, cryptocurrencies and take the customer on a journey to understand how these assets are. The risks can not be downplayed as risk appetites are very personal. There is plenty of space to experiment, spread awareness and create a buzz,” said Sethi. NFT marketplace Fullyfaltoonft.com curated by Viacom18’s Youth Music &amp; English Entertainment cluster and powered byGuardianLink.io has already received an overwhelming response for its digital artwork preview. Keyur Patel, Co-Founder &amp; Chairman, GuardianLink and Co-Founder, BeyondLife.club said that consumer education comes first and it's a welcome move from ASCI to ensure customers are aware of the market volatility. "Crypto as an investment class is quite volatile compared to stocks or real estate. All investment Ads and campaigns have a responsibility to educate the users on the risks and affiliated volatility and liquidity restrictions and aspects of the asset. Even media, ad agencies, and other supporting ecosystems have the responsibility to educate the same market in a responsible method. NFT is not a financial asset. It is a digital asset associated with games, entertainment, and art. Its inherent value is either in art or utility. Also, the buyers of NFT don’t buy it because there is instant gains, they do it because they find affinity to Amitabh Bachchan or Stan Lee or they find Game like Racing very interesting and want to participate in it. Crypto is purely a trade asset, for investments and hence it needs very aggressive education to make sure, the expectations of returns for the buyers are not skewed by hype and unrealistic aspirations. So, this declaration will not just motivate consumers to study the brand/product before purchasing but also put the onus on celebrities who endorse digital assets to do due diligence thereby promoting a responsible environment. Many industries have been following such guidelines without seeing any impact on creativity. It will rather inspire marketers and content creators to make their storytelling more creative and credible than ever before." Sagar Pushp, Co-founder and CEO, ClanConnect agreed that clear-cut norms were needed in this space. “For advertisers, the greatest purpose of communication is to put across accurate messaging for users. The new promotion and advertising guidelines for crypto assets will bring this authenticity into the segment. It is a welcome move by ASCI as it will ensure that brand communication is not misleading. Going forward, brands will need to operate within the guardrails of these guidelines, making sure their messaging is not limited to quick money and gains. The intrinsic value of blockchain is much wider than the prospect of big money, and we’ll need to get creative to empower users with precise information,” said Pushp. After a long pause, now that there will be more clarity and standardization in crypto advertisements, their ad expenditure is likely to return on digital and traditional mediums. During the festive season and IPL last year, crypto platforms were at their peak. The month of Diwali, which was October in 2021, nearly had a 30% share of the category in digital advertising and it took a dip by 6% in November 2021, whereas on television, there wasn’t a single ad from Crypto platforms in 2020, revealed TAM. In 2021, television saw 33.4 hours of advertising from Crypto platforms. The festive season proved to be bountiful for television too as October had more than 75% share of Crypto platforms, up from 2% in June and 23% in September. A lot of people have been speaking about the risks of investing in digital currency without fully understanding how the crypto ecosystem works. ASCI’s guidelines, therefore, could help bring about more transparency and accountability into the ecosystem.

ASCI releases new guidelines for Non-Fungible Tokens, Crypto ads; here’s what experts have to say about it

<ul><li>The <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> industry has already been buckling under income tax and <keyword id="17506" type="General" weightage="100" keywordseo="tds" source="Orion">TDS</keyword>.</li><li>Trading volumes in India fell in April, right after the current set of taxes were brought into practice.</li><li>Politicians have asked for crypto to be treated under the same norms as lotteries and gambling.</li></ul>The crypto industry’s tax woes in India may get worse as the government looks to expand indirect taxes on the space in the coming days. According to reports from local media, the country is formulating methods to expand the ambit of these indirect taxes, specifically the goods and services tax (GST), to cover a larger section of the crypto space. The GST is an indirect tax that replaced many others in the country a year or two ago. It is levied on the supply of goods and services, including things like restaurant bills, e-commerce orders, and others. Some politicians have demanded the highest GST slab, which is levied at 28%, on the crypto industry. <cmsannotation type="cmsannotation" annotationid="Tough times ahead" comment="subhead" text="Tough times ahead">Tough times ahead</cmsannotation> According to a <a href="https://www.hindustantimes.com/india-news/gst-net-on-crypto-may-expand-to-include-their-sale-purchase-101652035581023.html">report</a> by the Hindustan Times, the tax proposals are to be analysed by the requisite law committees, which will recommend their views to the <keyword id="6355040" type="General" weightage="20" keywordseo="gst-council" source="Orion">GST Council</keyword>, which regulates matters related to this particular tax. It is chaired by the country’s finance minister, along with finance ministers of states. The 28% GST is usually reserved for luxury goods and others that aren’t considered to be essential items. For instance, it is applied to gambling and lotteries, which is what parliamentarians in the country are likening crypto to when demanding this tax. “Several MPs (members of Parliament) demanded to raise the GST on cryptocurrencies to 28% like gambling and lotteries. As Parliament is an apex body, their demands will also be examined by the law committee,” the report quoted sources as saying. <cmsannotation type="cmsannotation" annotationid="Taxing times for crypto" comment="subhead" text="Taxing times for crypto">Taxing times for crypto</cmsannotation> The GST is said to be in addition to the 30% income tax on earnings from virtual digital asset (VDA) transactions that the government announced during the Union Budget in February this year. It followed this up with a 1% tax deduction at source (TDS), which is levied on salaries and other incomes, of those selling cryptocurrencies. The two taxes together have already discouraged many users from crypto trading, and an addition of 28% GST might make things worse. Not only that, but <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto exchanges</a> in the country may also struggle to keep track of all the taxes that are to be levied on such transactions, as will the users. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ril-tumbles-nearly-4-on-weaker-than-expected-profits-slowdown-in-retail-business-and-decline-in-jio-subscriber-additions/articleshow/91433432.cms">RIL tumbles nearly 4% on weaker than expected profits, slowdown in retail business and decline in Jio subscriber additions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/campus-activewear-shares-debuts-at-21-premium-despite-weak-market-trends/articleshow/91430347.cms">Campus Activewear shares debuts at 21% premium despite weak market trends</a>

India may expand taxes on crypto beyond IT and TDS – government reportedly mulling 28% GST

<ul><li><keyword id="6358765" type="General" weightage="20" keywordseo="GAIL" source="Orion">GAIL</keyword> is recruiting 48 graduate engineers for a period of one-year training.</li><li>The online application portal will be closed tomorrow, March 16.</li><li>Selected candidates can expect their salary to range between ₹60,000 to ₹1,80,000 per month with other benefits.</li></ul>Gas Authority of India Limited (GAIL), a government-owned natural gas company, is inviting applications from eligible candidates to fill up 48 engineering posts for one year of training. The online application portal will be closed tomorrow, March 16. Selected candidates can expect their salary to range between ₹60,000 to ₹1,80,000 per month with other benefits such as company accommodation, variable dearness allowance (VDA), gratuity and pension, and many more. These are the vacancies — <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name of the post </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of vacancies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Executive Trainee (Instrumentation) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Executive Trainee (Mechanical) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Executive Trainee (Electrical) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Eligibility criteria for the roles — <ol><li>The upper age limit for three roles is 26 years, as of March 16, 2022.</li><li>For Instrumentation — Bachelor’s degree in engineering/technology in instrumentation/instrumentation and control/electronics and instrumentation/electrical and instrumentation/electronics/electrical and electronics with at least 65% marks.</li><li>For Mechanical — Bachelor’s degree in engineering/technology in mechanical/ production/ production &amp; industrial/ manufacturing/ mechanical &amp; automobile with minimum 65% marks. </li><li>For Electrical — Bachelor's degree in engineering/technology in electrical/ electrical &amp; electronics with minimum 65% marks.</li><li>Only full-time regular courses will be considered.</li><li>All qualifications must be from University Grants Commission (UGC) recognised Indian university/UGC recognized Indian deemed university or All India Council for Technical Education (AICTE) approved courses from autonomous Indian institutions/concerned statutory council.</li><li>Candidates having 5 years bachelor of engineering (B.E)/bachelor of technology (B. Tech) with master of engineering (M.E)/master of technology (M. Tech). integrated dual degree in engineering in relevant discipline shall also be considered.</li></ol>Candidates who successfully complete one-year training at the organisation will be absorbed and posted for any jobs/functions/assignments according to the company’s needs. Interested candidates will first have to appear for Graduate Aptitude Test in Engineering (GATE) 2022, as the company will be considering marks scored in this examination. Interested candidates can seek more information <a href="https://gailonline.com/careers/currentOpnning/DETAILED_ADVT_GATE_2022_English_14.2.22.pdf">here</a> or apply <a href="https://gailonline.com/">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/paytm-says-that-restrictions-on-payments-bank-wont-hamper-its-business/articleshow/90215959.cms">Paytm says that restrictions on Payments Bank won’t hamper its business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/apple-supplier-foxconn-halts-production-at-its-shenzhen-plants-after-sudden-covid-19-outbreak/articleshow/90215795.cms">Apple supplier Foxconn halts production at its Shenzhen plants after sudden COVID-19 outbreak</a>

GAIL is hiring engineers with a maximum pay scale of ₹1,80,000 per month, deadline tomorrow

<ul><li>As the new financial year starts, there are quite a few changes in tax and other rules that one should know about.</li><li>Let’s take a look at the new rules effective from April 1.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>With the start of the new financial year, there are several changes in regards to taxation, deduction and investments that are to be effective from April 1, 2022. Let’s take a look at the new rules that have been introduced for new fiscal year: <keyword id="12151324" type="General" weightage="20" keywordseo="crypto-tax" source="Orion">Crypto tax</keyword> The government has finally introduced tax on virtual digital assets (VDA) or cryptocurrencies including non-fungible tokens (NFT). According to the <keyword id="1038456" type="General" weightage="20" keywordseo="new-rule" source="Orion">new rule</keyword>, profits made on crypto assets will attract 30% tax and 1% tax deducted at source (TDS). This will apply even if your taxable income is below ₹2.5 lakh. Non-KYC penalty If you have not linked your PAN and Aadhaar till now, you will face a fine up to ₹1,000, according to the Central Board of Direct Taxes. Besides, providing an invalid PAN will also attract fines up to ₹10,000. PF tax According to the notification by the Central Board of Direct Taxes, interest on the provident fund (PF) contribution of an employee above ₹2.5 lakh in a year will be taxed from April 1. LTCG From today, April 1, the surcharge on long-term capital gains on all types of assets will be capped at 15%. Removal of benefit under section 80EEA Buying a home may become more expensive for a common man now as from April 1 2022, the government has stopped income tax benefit under Section 80EEA. Section 80EEA is available for first time home buyers with stamp duty value of the property up to ₹45 lakh for an additional deduction of ₹1.5 lakh. ITR filing If you have failed to file your income tax return by March 31, 2022, then you are liable for a penalty. Taxpayers who have an annual income of more than ₹5 lakh shall pay a fine of ₹5000 (on taxable income) if they do not file belated tax returns. For those whose income is less than ₹5 lakh, the fine will be ₹1,000 (on taxable income). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-byjus-and-unacademy-vedantu-is-looking-at-offline-centers/articleshow/90584769.cms">Exclusive: After Byju’s and Unacademy, Vedantu is looking to start offline centres</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suv-in-april-2022/slidelist/90587227.cms">Upcoming cars expected to launch in April 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/crude-oil-price-on-a-falling-spree-as-us-to-release-emergency-oil-reserve/articleshow/90582811.cms">Crude oil price on a falling spree as US to release emergency oil reserve to control energy costs</a>

These are the new changes in taxation that have kicked in from April 1

India's biggest tax reform, the <keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword>), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, <keyword id="6355686" type="General" weightage="20" keywordseo="service-tax" source="Orion">service tax</keyword> and <keyword id="6370857" type="General" weightage="20" keywordseo="vat" source="Orion">VAT</keyword> and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Besides, a cess is levied on the highest tax slab of 28 per cent on luxury, sin and demerit goods. The collection from the cess goes to a separate corpus — Compensation fund — which is used to make up for revenue loss suffered by the state due to GST rollout. GST also represents an unprecedented exercise in fiscal federalism as the Centre and states come together in the GST Council to thrash out modalities for smooth functioning of the relatively new tax regime. The Council has met 47 times so far and have taken measures which made Rs 1 lakh crore <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> per month 'a new normal' and on course to take the figure to Rs 1.4 lakh crore every month. As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore. The collections had touched a record Rs 1.68 lakh crore in April 2022, it had for the first time crossed Rs 1 lakh crore mark in collections in April, 2018. On the 5th anniversary of GST, <keyword id="4336899" type="General" weightage="20" keywordseo="Central-Board-of-Indirect-Taxes-and-Customs" source="Orion">Central Board of Indirect Taxes and Customs</keyword> (CBIC) tweeted "GST subsumed multiple levies and cesses, reduced compliance burden, removed regional imbalances and inter-state barriers, and significantly increased the transparency and overall Revenue collection". Over the past years the Government has been proactively issuing circulars and clarifications to clear doubts regarding taxation under GST and ensure ease of doing business. More recently, the GST Council, in its 47th meeting in Chandigarh, has decided to ease compliance for small taxpayers who supply through the e-commerce platform. Such suppliers, who make only intra-state supplies, need not seek GST registration if their annual turnover is less than Rs 40 lakh in case of goods and Rs 20 lakh in case of supplies. To help tax officers in administration, GST Network, which provides the technological backbone for the indirect tax regime, has been using artificial intelligence and machine learning to dish out newer data and plug revenue leakages. Tax experts, however, seek a simpler structure for Goods and Services Tax, a structure which would ensure seamless flow of input tax credit through the entire supply chain without losses. BDO India Partner and Leader - Indirect Tax Gunjan Prabhakaran said “over the past five years, the GST law has evolved and mitigated several issues faced by the taxpayers through timely clarifications and amendments. "However, the GST Council and the Government should quickly address few other hardships faced by taxpayers in relation to unwarranted and excessive issuance of show cause notices (for reconciliations of financial numbers, grant of registration, etc) and introduce a robust, technology driven single assessment process, which would achieve the twin objective of ease of doing business and remove the cascading effect of taxes". AMRG &amp; Associates Senior Partner Rajat Mohan said in the last five years, GST law has matured at a fast pace. First, the focus was on compliance and technology; sooner than later, it moved gears, and taxpayers were posed to self-regulate the annual filings. "Now it seems the law has entered the next phase whereby litigation needs to be reduced by either replacing ambiguous tax laws or clarifying the practical application of technical issues. Businesses expect the government to resolve all sectoral issues like would BPO/KPO qualify as an intermediary, tax credit for capital expenditure on building, levy of GST on Extra Neutral alcohol (ENA) etc," Mohan said. While the GST administration has moved forward with alacrity, it is still a long way to go to achieve the full potential of GST and make it a true 'good and simple tax'. With petrol, diesel, ATF outside GST, a large part of the economy is still not covered by the indirect tax regime. Inclusion of petroleum products under the GST net, could reduce cost for companies, tax experts say. With emerging technology, there is emergence of newer asset classes like the virtual digital assets (VDA) or cryptocurrency. There is a need for clarity on whether they would be classified as supply of 'goods' or 'services' and what would be the tax rate on them. Tax rate rationalisation is something which would happen sooner or later. Current inflationary concerns may have derailed the plans to tweak rates and GST slabs, but it would eventually be a reality as both the Centre and states need revenues and lesser slabs would mean a simplified tax regime. Besides, the decision makers in the Council too have to work out a solution as state governments, from July 1, 2022, stare at a stoppage of compensation for revenue loss due to GST implementation. When GST was rolled out on July 1, 2017, states were promised a compensation, from the cess fund, for five years if their GST collection falls short of the 14 per cent compounded revenue growth. Most states have sought an extension to the compensation mechanism and a final decision is likely to be taken at the next GST Council meeting in Madurai in the first week of August. Abhishek Jain, Partner Indirect Tax, KPMG in India, said going forward, the Government can consider setting up of Central authority to resolve conflicting AAR judgements across states and consider doing away with anti-profiteering provisions freeing businesses to set prices. "Further, bringing petroleum and electricity under GST ambit will help prevent cascading and ensure further uniformity. Lastly, some checks can also be incorporated on system generated GST notices, so as to avoid any unnecessary harassment of taxpayers," Jain said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-like-unacademy-vedantu-blue-stone-caratlane-go-physical-from-digital-as-pandemic-boom-ends/articleshow/92564319.cms">Startups go physical from digital as pandemic boom ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a>

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

<ul><li>India’s 30% <keyword id="12151324" type="General" weightage="20" keywordseo="crypto-tax" source="Orion">crypto tax</keyword> could push traders to find new and innovative ways to bypass paying the taxman.</li><li>It could also push traders, and their capital, back towards the stock market where the tax rates are lower.</li><li>With fewer people willing to engage with India’s crypto ecosystem, experts believe that developers too could migrate to find more crypto friendly countries to work on their applications.</li></ul>India’s decision to <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">tax all ‘virtual digital asset’ (VDA) transactions at 30%</a> will either send crypto traders underground, back to the stock markets or push them to leave the ecosystem altogether, according to experts. The taxman’s entry into the world of cryptocurrencies is a mixed bag. The industry at large has welcomed the move and the semblance of legitimacy it gives to the crypto sector at large — even though <a href="https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms">Finance Minister Nirmala Sitharaman</a> strongly disagrees with that conjecture. Meanwhile, executives are also aware that a tax this high is going to have a huge impact on how many users jump on the crypto bandwagon, going forward. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> “You will have ramifications on the adoption and proliferation of crypto and blockchain startups in India. That will happen for sure,” Aritra Sarkhel, Director - Public Policy &amp; Govt Affairs at the Indian crypto exchange WazirX, told Business Insider during a <a href="https://twitter.com/BiIndia/status/1494664431837794306">Twitter Spaces</a> session. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="3" retweetcount="1" status="We are LIVE now! Is crypto gambling? Or should it be treated at par with stocks and other investment assets? Join… https://t.co/To3tkH4THL" createdat="1645190744000" id="1494664431837794306"></div> <cmsannotation type="cmsannotation" annotationid="Motivated crypto traders can find ways around the tax" comment="subhead" text="Motivated crypto traders can find ways around the tax">Motivated crypto traders can find ways around the tax</cmsannotation> The cryptocurrency ecosystem goes beyond trading, albeit that is the most popular aspect of the market. However, as a person who holds crypto, one can stake and lend coins to earn interest. Vauld, for instance, allows users to simply start a savings account which allows them to earn interest on the tokens they own without any exposure to the risks of the stock market. <div type="ExtQuote" text="Either you’ll go underground, or you’ll come up with abstractions — more complex models — where no transactions are happening, but you’re trading on the value only." auname="L Badri Narayanan, an executive partner with law firm Lakshmikumaran &amp; Sridharan Attorneys told Business Insider"></div> Even if a person doesn’t own any cryptocurrency, they can still participate in the derivatives market — betting on whether the value of a cryptocurrency will increase or decrease. One would argue that’s even more speculative than actual cryptocurrency trading. But since no VDAs were actually exchanged, it’s unclear how these transactions will be taxed. <cmsannotation type="cmsannotation" annotationid="Short term traders could get pushed back to the stock markets" comment="subhead" text="Short term traders could get pushed back to the stock markets">Short term traders could get pushed back to the stock markets</cmsannotation> At the end of the day, the biggest players with something to lose when it comes to a 30% task on cryptocurrency transactions are the day-traders — individuals who invest in tokens for shorter periods of time, many conducting multiple transactions within a day. As a result, the stock market may begin to look like a more profitable endeavour. “[The crypto tax] will spur more and more money coming back to the equity or other financial assets. This structural move has started,” said Vikram Kotak, the co-founder and managing partner at Ace Lansdowne Investments told Business Insider during an earlier interview. If the number of crypto trades starts to dwindle, it will invariably have an effect on crypto exchanges within India as well. <div type="ExtQuote" text="[India’s crypto tax] will make day trading, arbitrage trading, [and] margin trading infeasible, which will impact order books and volumes on exchanges making the market illiquid and inefficient in the long run." auname="Aritra Sarkhel, Director - Public Policy &amp; Govt Affairs at Indian crypto exchange WazirX, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Long term investors want to ride it out" comment="subhead" text="Long term investors want to ride it out">Long term investors want to ride it out</cmsannotation> While there’s a considerable amount of fear, uncertainty, and doubt (FUD) in the air, Badri and Sarkhel concur that most long term investors are prepared to ride it out. While the tax on crypto may be high, HODLers are optimistic due to two reasons. First and foremost, India is yet to publish its crypto bill, which is likely to bring about more clarity on VDAs and other use cases of cryptocurrencies. Second of all, the tax bill — in its current form — still requires clarifications in terms of what exactly can be offset, what constitutes a trade and other unanswered questions. <cmsannotation type="cmsannotation" annotationid="The crypto tax could ignite another episode of ‘brain drain’" comment="subhead" text="The crypto tax could ignite another episode of ‘brain drain’">The crypto tax could ignite another episode of ‘brain drain’</cmsannotation> India’s crypto tax is a heavy bill to pay for investors. But, it’s also a deterrent to the men behind the curtains building web3, the next generation of the internet built on the blockchain. The domino effect of reduced adoption and proliferation of cryptocurrencies could worsen India’s ‘brain drain’ problem. According to a report by the United Nations Department of Economic and Social Affairs (UN DESA), nearly 10 million Indians migrated overseas between 2000 to 2020 in search of better education and employment opportunities. “There needs to be further deliberation for the larger industry to coexist. If things like this [India’s crypto tax] happen, younger startups will move out to another country. You don’t want another brain drain to happen,” said Sarkhel. <cmsannotation type="cmsannotation" annotationid="All eyes on crypto" comment="subhead" text="All eyes on crypto">All eyes on crypto </cmsannotation>India is a major player when it comes to any industry because of the sheer size of its population. The same holds true for cryptocurrencies. After the Supreme Court upturned the Reserve Bank of India’s (RBI) order to ban cryptocurrencies from the country, there has been a boom of adoption. In just the last year, crypto exchanges in India have seen their users grow multifold. Some experts reason that the surge occurred because of the COVID-19 pandemic leaving too much time in people’s hands. Others believe the boom was a result of investors looking for stronger options to hedge against inflation. A third school of thinking attributes the current popularity of cryptocurrencies in India to latent demand. The two years of RBI’s ban kept many away from the cryptocurrency markets despite curiosity. After the ban was lifted, all the pent up demand burst through the surface. Tax or not, the growth of users on crypto exchanges in 2022 was going to be slower than before. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-tumbles-to-a-1-month-low-in-broad-cryptocurrency-sell-off-after-russia-attacks-ukraine/articleshow/89797465.cms">Bitcoin tumbles to a 1-month low in broad cryptocurrency sell-off after Russia attacks Ukraine</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-ads-in-india-will-need-come-with-a-high-risk-disclaimer-from-april-1/articleshow/89771859.cms">Crypto ads in India will need come with a ‘high risk’ disclaimer from April 1</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-outperforms-other-assets-in-2021-growing-nearly-72-over-the-year-according-to-kucoin-labs-2021-annual-report/articleshow/89793296.cms">More tweet wars, upgrades, and regulation — 6 trends to watch out for in crypto this year</a>

India’s crypto tax will either send traders underground or back to stock markets, say experts

<ul><li>Beginning April 1, a 30% tax will apply to all forms of virtual digital assets (VDA), or <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> assets, that are sold at a profit.</li><li>A 1% <keyword id="17506" type="General" weightage="20" keywordseo="tds" source="Orion">TDS</keyword> will be held back each time you sell a crypto asset, and will be set-off against the <keyword id="12151324" type="General" weightage="20" keywordseo="crypto-tax" source="Orion">crypto tax</keyword> at the end of the year.</li><li>The crypto tax cannot be set-off against other business expenses.</li><li><keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>’s Finance Minister has reiterated that the existence of a targeted tax does not give crypto ‘legal status.’</li></ul>From April this year, cryptocurrency gains will be<a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms"> taxed at 30</a>% – which is the highest tax bracket, and the<a href="https://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx"> same rate as</a> lottery winnings. This would apply to all “virtual digital assets,” right from Bitcoin to NFT and related earnings. By contrast, the tax rate on <a href="https://cleartax.in/s/taxation-on-income-earned-from-selling-shares">stock trading</a> can range from zero (if filed as business income based on tax slab) to 15% (if filed as short-term capital gain). A tax rate on par with the lottery is the tip of the iceberg though, and <a href="https://blog.coindcx.com/crypto-news-india/crypto-taxation-guide-budget-2022/">crypto investors</a> will need to be aware of other provisions as well, to remain on the right side of the law in the financial year 2022-23. India is said to have<a href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms"> almost ten million</a> cryptocurrency users, seeing<a href="https://twitter.com/NischalShetty/status/1501249861160742915"> about $100 billion</a> in trading volume in 2021. By<a href="https://twitter.com/NischalShetty/status/1501249863421509634"> the calculations</a> of the founder of WazirX, an Indian crypto exchange, that could yield $100 million (or ₹ 750 crore) additional income tax in a year. <cmsannotation type="cmsannotation" annotationid="Taxing crypto: Direct tax provisions in the Budget" comment="subhead" text="Taxing crypto: Direct tax provisions in the Budget">Taxing crypto: Direct tax provisions in the Budget</cmsannotation> Firstly, all crypto profits gained over the course of the year will be<a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms"> taxed at a flat 30%</a> rate. So for example, a person who buys a crypto asset at ₹10,000 and sells it at ₹12,000 would show a profit of ₹ 2,000 and pay 30% tax, which is ₹600. A person who bought a crypto asset that increased in value greatly, but is yet to sell it, by definition has made no profits yet. Such crypto asset holdings where one has not ‘realised’ the gains, will not qualify for tax until some portion of it is sold. Similarly, after accounting for all crypto transactions made across the year, if one is in loss overall with no profits made, there will be no tax to pay. <cmsannotation type="cmsannotation" annotationid="Tax deduction at source (TDS): Nibbling away at the capital" comment="subhead" text="Tax deduction at source (TDS): Nibbling away at the capital">Tax deduction at source (TDS): Nibbling away at the capital</cmsannotation> The government has mandated at 1% TDS on all crypto transaction redemptions, to be deducted presumably by the <a href="https://www.businessinsider.in/investment/news/choosing-the-best-cryptocurrency-exchange-your-options-and-how-to-pick-between-them/articleshow/87539690.cms">crypto exchange</a> one uses. That means the TDS is deducted upon the entire transaction value even if you make a loss. For example, if you had bought Bitcoin worth ₹40,000 and sold it at the same price without any profit, you would get back only ₹ 39,600. If you then invest the same ₹ 39,600 into buying Ethereum or NFTs, and again sell at no profit, you would again lose 1% to TDS and get back only ₹39,204. This TDS collected can be set-off against the total income tax owed at the end of the year. <div type="twitter" handle="Nithin0dha" handlename="Nithin Kamath" image="http://pbs.twimg.com/profile_images/1501036351478968323/LbKX7lOo_normal.jpg" favoritecount="1186" retweetcount="126" status="They say the devil is in the details. I missed the 1% TDS on all Crypto trades, similar to the TCS of 0.1% on Gold.… https://t.co/4CZRqXZbCk" createdat="1644234571000" id="1490653948805808129"></div> Collecting 1% upon redeeming proceeds of every single trade would deplete available capital fast, <a href="https://twitter.com/Nithin0dha/status/1490653950848434176">as noted by</a> Nithin Kamath of the Zerodha trading platform. An investor who begins with any amount of capital, but makes almost zero profits overall due to market movements, will be left with only 50% of what they started with by their 69th trade, and only 25% by their 138th trade. This effect of making people think twice about whether a prospective trade is truly worth it, and thus clamping down on speculative trades could be intentional. As pointed out by experts, this TDS could steeply reduce the volume of crypto trade in India, once it is implemented in July 2022. The reason for this, is the opportunity cost imposed <a href="https://twitter.com/NischalShetty/status/1501249864600014852">by locking up</a> money for upto a year, until tax returns are filed for refunds. Note however, the income tax department could refund the entire TDS deducted over the course of the year, if a person’s tax returns can prove an overall loss in crypto trade. <cmsannotation type="cmsannotation" annotationid="Additional provisions that close loopholes" comment="subhead" text="Additional provisions that close loopholes">Additional provisions that close loopholes</cmsannotation> Persons who earn all or most of their income from crypto assets, can show their earnings as business income. However, no business expense deductions will be allowed upon crypto earnings, making this route unattractive. Avoiding the 30% crypto tax, and showing crypto profits as<a href="https://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx"> capital gains</a> which is taxed at upto 20% plus surcharge, will not be allowed either. As for cryptocurrency mining, the government is mulling over whether to tax the activity as a goods or service, to bring it into<a href="https://www.thehindubusinessline.com/money-and-banking/cryptocurrency/government-exploring-ways-to-levy-gst-on-mining-of-cryptocurrencies/article64996507.ece"> the fold of GST</a>. The government also wants to make crypto<a href="https://www.thehindubusinessline.com/money-and-banking/cryptocurrency/indians-need-to-pay-gst-on-commission-paid-for-crypto-trade-done-on-exchanges-abroad/article64965481.ece"> trade on foreign crypto exchanges</a> subject to GST. Professionals and business-people will not be able to set-off gains or losses between their primary income and crypto income. Crypto-based prizes and gifts will also be subject to the 30% flat tax. So ‘airdrops’ of coin or NFT won’t be free. Receiving crypto assets as a gift won’t be free either, with the option of<a href="https://twitter.com/ThatNaimish/status/1499283438989242369"> deducting tax at source</a>. <cmsannotation type="cmsannotation" annotationid="Contrasting with current year’s tax provisions for crypto" comment="subhead" text="Contrasting with current year’s tax provisions for crypto">Contrasting with current year’s tax provisions for crypto</cmsannotation> Until the Union Budget 2022 was presented, India did not have special provisions for crypto earnings. So until the end of March 2022, most people who profitably cashed out of their crypto holdings are likely to show that as a short-term capital gain (STCG) and pay the appropriate rate of tax. Until the current fiscal year, employees, students and senior citizens whose overall income added up to less than the minimum tax threshold (₹ 2.5 lakh) were tax-free. But now with a targeted crypto tax, it isn’t clear if those earning less than the tax threshold will still need to pay tax on their crypto income. For the period ending in March 2022, tax filings by crypto investors can still show business expense deductions. However, those who are liable for advance tax payment will have to move fast. The last day for<a href="https://cleartax.in/s/interest-imposed-by-income-tax-department-under-section-234c"> paying advance tax</a> is 15 March 2022, and delaying would add an interest of one percent of the tax owed, for each month’s delay. While the tax rate on crypto stands at a flat 30% for the year 2022-23, the tax rate upon stock trading can range from zero (if filed as business income in zero tax slab) to 15% (if filed as short-term capital gain). <cmsannotation type="cmsannotation" annotationid="Legality of crypto is not assured by the targeted tax" comment="subhead" text="Legality of crypto is not assured by the targeted tax">Legality of crypto is not assured by the targeted tax</cmsannotation> Making herself clear, India’s Finance Minister Nirmala<a href="https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms"> Sitharaman said</a> even though crypto isn’t regulated yet, the upcoming tax provisions do not give it ‘legal status.’ She said the country is simply invoking its ‘sovereign right’ to tax transactions. Moreover, a<a href="https://taxguru.in/income-tax/illegal-income-is-taxable-madras-high-court.html"> high court ruling</a> has previously made it clear that income tax is applicable to all income, whether earned ‘legally’ or not. The proposed<a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms"> framework for regulating crypto</a> is yet to be presented in Parliament, but the finance ministry is said to be working on a consultation paper, which is expected to be<a href="https://www.business-standard.com/article/markets/finance-ministry-working-on-consultation-paper-to-deal-with-cryptoassets-122031300845_1.html"> released for public comments</a> in six months. Disclaimer: This is not intended to be financial advice. We recommend making any major decisions after speaking to your tax consultant. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-ioc-bpcl-hpcl-reliance-hdfc-and-other-hot-stocks-on-march-21/slidelist/90344098.cms">Adani group, IOC, BPCL, HPCL, Reliance, HDFC and other hot stocks on March 21</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/the-powerhouse-behind-bored-ape-yacht-club-has-launched-its-own-token-apecoin/articleshow/90290207.cms">The powerhouse behind Bored Ape Yacht Club has launched its own token, ApeCoin</a>

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