Crypto remains neglected in the latest budget 2025 announced by India’s Finance Minister Nirmala Sitharaman on Saturday, even though the Indian government announced a massive tax relief up to Rs 12 lakh (1.2 million INR) for direct taxes.
This means, the Indian government will continue levying 30% tax on capital gains plus an additional 1% Tax Deducted at Source (TDS) on virtual digital assets (VDAs) including cryptocurrencies even though the crypto sector remains unregulated in India.
The crypto industry in India had demanded a change from the existing 30% tax on capital gains system and introduction of a progressive tax structure and clearer regulations on crypto that would enable further crypto adoption in the country. However, the optimists were again met with disappointment on Saturday as crypto remained unconsciously absent from her 1.5 hours long speech.
This was the eight consecutive annual union budget announced by union finance minister Nirmala Sitharaman under Prime Minister Narendra Modi’s regime in the Lok Sabha (lower house) of the Indian parliament on Saturday morning. Presenting the budget, FM Nirmala announced various government subsidy scheme and grants in several sectors including agriculture, airports, manufacturing, health, medium and small enterprises (MSME) and unorganized gig workers.
A major highlight of 2025 union budget of India was tax relief upto Rs 12 lakh for all Indians and the step has been lauded by India’s middle class even though critics see it as a move intended to help the ruling Bharatiya Janata Party (BJP) in the coming elections.
Also Read: Explained: What Crypto Community Expects from India’s Budget 2025-26?
