New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday said that as per the instructions of Prime Minister Narendra Modi, the Government has not increased the tax rates as it did not want to put any additional burden on the people during the pandemic.
"I have not tried to earn even a single paisa by increasing tax this year & even last year. PM had given clear instructions that people should not be burdened with taxes at the time of the pandemic, notwithstanding the deficit," the FM said.
Speaking to media the Finance minister also said the Union Government has added Rs 50,000 to Emergency Credit Line Guarantee Scheme for the benefit of hospitality and other related sectors. On cryptocurrency, the FM said that the Government intended to track every trail of money in crypto assets by imposing 1 per cent TDS on every transaction. She also said that the Reserve Bank of India(RBI) will soon issue a digital currency.
"Everything that prevails outside of it is assets being created by individuals and we are taxing profits made out of transactions of those assets, at 30 per cent. We are also tracking every trail of money in that (transaction of crypto assets) by imposing 1 per cent TDS at every transaction," said Sitharaman.
On off-shore black-money accounts, the finance minister said: "After 2018, information is being shared on black money by foreign countries. On basis of this information, we are working account by account for black money to be brought. NPAs in banks are coming down, banks are getting the money back of those who've fled the country."
Also read: Crypto tax, e-Passports: Here are the 10 key takeaways from Budget 2022
