BJP MP Sushil Modi on Monday asked the government to consider raising tax on cryptocurrencies from the 30% proposed in 2022-23 Budget, saying that it was neither an asset, commodity, goods or service but “similar to lottery, casinos betting, gambling and horse racing”.
He was joined by opposition MPs like Praful Patel of NCP and Vijay Sai Reddy of YSR Congress, who sought a more aggressive posturing by the government on cryptocurrency dealings.
During the debate on The Appropriation Bill and Finance Bill in the Rajya Sabha, which saw opposition MPs raise issues like frequent petrol price hikes, reduced interest on small savings and lack of any relief for the Covid-hit middle class in the Budget.
This came even as the petrol prices were on Monday hiked by 30 paise a litre and diesel prices by 35 paise, taking the total increase in fuel rates in the last one week to Rs 4-4. 10 per litre.
Former UPA finance minister P Chidambaram raised the issue of “complicated” Income-Tax Act with a huge number of amendments proposed via the finance bill and also the amendments moved by the government. “This is a legacy issue,” he said and asked for the I-T Act to be replaced by a ‘Direct Taxes Code’.
He also raised concern over the section dealing with exempt income of charities. He said most charities were crippled by these provisions and the repeated amendments “year after year after year”. He criticised the “faceless assessment” provision as regressive.