The finance minister has imposed 30 per cent tax on capital gains made from crypto and NFT transactions. No deductions are permitted while calculating income, except the cost of acquisition. There will be a 10-37 per cent surcharge in case of short-term capital gains. There will be 15 per cent maximum surcharge on long-term gains made firm virtual assets.

There would be 1 per cent TDS to facilitate the government in tracking quantity of crypto trading.

There is 18 per cent GST on transaction fees earned by crypto trading platforms. It remains unaffected.

Some clarity is required on how digital collectibles like NFTs will be taxed — whether 30 per cent capital gains tax is only in the hands of a trader or would be paid even by the artists who create and sell such assets.

Loss of transfer cannot be set off against any other income.

The gift of these assets is taxable in the hands of recepient.