“We strongly welcome the government’s acceptance of NFTs and virtual digital assets as taxable goods. We all know, like computing, internet and mobile phones created major digital revolutions in 1980s, 1990s and 2000s, blockchain applications will revolutionise the world again in 2020s. This time India will not be an observer, but a leader of this new world. Government’s acceptance of blockchain technologies, Digital Rupee, NFTs and the likes in its taxation framework gives us the confidence to aggressively build and take India to its rightful leadership position in the digital world”

“We have always maintained, NFTs are digital goods, and goods have always been appropriately regulated. Being digital regulations require some clarification and additions, but fundamentally NFTs are not un-regulated. The mention of NFTs in the budget and taxation associated with this, e.g. 1% TDS is similar to what we see on marketplaces like amazon. This further ratifies our position” – Ankit Wadhwa, Co-founder & CEO, Rario