Mr. Meyyappan Nagappan (Partner, Trilegal) exclusively shares his expectations from the upcoming Union Budget. He emphasises on the relevance of taxation of Virtual Digital Assets (VDA) given India's G20 Presidency. He is of the view that the Web3 Industry has been a shining star despite layoffs in the tech sector and India needs to take advantage of its pool of developers and innovators. He underscores that the current VDA tax regime has conveyed a wrong policy intent as the bulk of companies have shifted to foreign countries resulting in loss of revenue and innovation for India. He roots for: (i) rate rationalisation in VDA taxation, (ii) allowability of losses, (iii) TDS of 0.01% at par with STT, instead of 1%, (iv) further clarification on scope of VDA, (v) parity on digital and tangible assets backed NFTs, and (vi) valuation guidelines.
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