When union finance minister Nirmala Sitharaman announced 30 per cent tax on cryptocurrency transactions in India in her Budget speech while presenting Union Budget 2022-23 in Parliament, there was not much reaction from political parties or noted politicians.
Strangely, TRS president and Telangana Chief Minister K.Chandrashekar Rao reacted strongly against imposing tax on cryptocurrency.
KCR attacked Modi government and Nirmala for imposing tax on cryptocurrency. KCR demanded both of them to clarify first whether Indian government recognised cryptocurrency. He said how can Centre impose tax on cryptocurrency when it has not recognised it officially so far.
KCR’s strong criticism on cryptocurrency issues puzzled and surprised all. Why KCR chose to react angrily on this issue when no one in the country reacted or any politician or political party reacted?
This fuelled doubts in political and business circles that KCR and his family members have invested heavily in cryptocurrency and earned huge profits.
Now he and his family members have to pay up 30 per cent tax on cryptocurrency transactions and for this reason he might have reacted wildly when no others bothered to react to cryptocurrency tax.