Sensex up 750 pts; Budget proposes tax on payment via digital assets

LIVE market update: Benchmark indices held their gains as FM Nirmala Sitharaman ended the Budget 2022 presentation. The S&P BSE Sensex was up 845 points at 58,860 level while the Nifty50 was at 17,577.

Broader MidCap and SmallCap indices on the BSE were mildly underperforming the frontline indices and were up 0.4 per cent each.

FM Sitharaman said Indian economy in a strong position to withstand global challenges. She has pegged FY23 fiscal deficit at 6.4 per cent of the GDP while FY22 fiscal deficit has been revised to 6.9 per cent from 6.8 per cent Budgeted earlier. READ MORE

Key highlights of Budget 2022:

• Transfer of any virtual digital asset to attract a tax of 30%
• Rs 1 trillion financial assistance to states to be provided in 2022-23 to catalyse investments Proposed to introduce Digital Rupee by RBI using blockchain technology, starting 2022-23
• PE/VC invested Rs 5.5 trillion in start-up, expert committee will be set up to suggest measures to help attract investment
• International arbitration centre will be set up in GIFT city to provide faster dispute resolution
• World-class university to be allowed in GIFT IFSC free from domestic regulation
• Sovereign green bonds to be issued to mobilise resources as part of govt's borrowing programme
• Transfer of any virtual digital asset to be taxed at 30%
• 1% TDS on payments made on transfer of digital assets