Finance Minister Nirmala Sitharaman’s decision to levy a heavy tax of 30% on digital assets has sparked off a meme storm on the internet. While the announcement rattled the world of crypto investors, it turned out to become one of the crucial points that inspired memers to come up with a series of new hilarious memes. And within no time, ‘30% Tax’ became the latest trend on Twitter as netizens and crypto-audience had a gala time commenting and re-sharing the memes.
During her budget speech, FM Sitharaman said, “I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.” Plus, a TDS of 1% will also be imposed on the payments made using digital assets, but it will be levied only on transactions that cross a certain threshold.
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While the announcement fueled a series of funny memes which instantly grabbed everyone’s attention, we bring you the best ones here:
Me who lost everything in crypto watching government declared 30% tax on crypto profits : pic.twitter.com/4RmNmimdIx
— PrinCe (@Prince8bx) February 1, 2022
Crypto investors after realising that they will be paying taxes even after loss:#Budget2022 pic.twitter.com/DT5LzwnU6e
— Abhinav Kant (@AbhinavCan) February 1, 2022
Crypto holders after seeing the 30% tax pic.twitter.com/EglcDGAoKc
— Jupiter (@TheJupiterApp) February 1, 2022
30% Tax on Crypto Profits….
Cryptocurrency holders right now 😂🤣#crypto #cryptocurrency pic.twitter.com/91bxI0CC9X
— Kartik Anand (@kartik_203) February 1, 2022
30%tax and 1% tds on crypto transactions, meanwhile govt be like pic.twitter.com/97blZIvydV
— ᵢ ₐₚₚᵣₑCᵢₐₜₑ (@tusharsuman3) February 1, 2022
Crypto investors in India after the govt levied 30% tax on crypto transactions pic.twitter.com/Fa0e3GdmTy
— damsel_in_distress (@kkurawley114) February 1, 2022
Apart from imposing a tax on digital assets, Sitharaman also shared the government’s plan to introduce Digital Rupee, which will be issued from the next financial year by the RBI using blockchain technology.
While the citizens of India were hoping for some relaxation in income tax, the surprising announcement of imposing a tax on virtual digital currency left everyone stunned.
SEE ALSO: Budget 2022: How Is RBI’s Digital Rupee Different From Cryptocurrency? Here’s Everything You Need To Know
Cover Image: Twitter