Budget 2022 | If you're making money on crypto sales, I will tax you: Revenue secretary Tarun Bajaj

Revenue Secretary Tarun Bajaj today said the 30% tax on transactions involving virtual digital assets (read crypto assets) is justified as those making a profit through such deals are not reporting them on their income tax returns.

Responding to a question on regulation of crypto assets in India, Bajaj said, "I am not looking at whether we are legitimatising crypto or digital assets. My interest is that if somebody is making money out of crypto activities, I want to tax it. The government  will decide whether a bill on crypto regulation is needed are not. Some people who are trading in crypto are not showing it their returns, while others are showing them in returns, but in different forms. My point is, if you make money from crypto, then please share tax with the government."

Bajaj, meanwhile, said the government's revenues numbers are up by Rs 3 lakh crore for this year in RE vs BE. He said excise duty is specific and has gone down by Rs 10 on petrol and Rs 5 on diesel. In fact, he said, revenues is  going up by over 14 percent.