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India Excludes Gift Cards, Reward Points from Crypto Tax

  • Indian crypto tax laws came into effect from April 1
  • Government clarifies on definition of virtual digital assets

India said offerings like online gift cards and coupons won’t be counted as virtual digital assets, dispelling concerns that they face the same steep taxation as cryptocurrencies.  

The government in February announced plans to tax any income from cryptocurrency assets at a flat 30% rate. It defined virtual digital assets vaguely at the time, leading to confusion about whether items like online gaming coupons, website subscriptions and reward points would also be taxed, said Amit Maheshwari, managing partner at Ashok Maheshwary & Associates.