Central Government notifies virtual digital assets which shall be excluded from the definition of virtual digital asset - 74/2022 - Income Tax

Virtual digital asset exclusions narrow VDA definition to gift vouchers, loyalty points and subscriptions, altering taxable scope.

Central Government excludes from the virtual digital asset definition: gift cards or vouchers redeemable for goods, services or discounts; mileage, reward or loyalty points given without direct monetary consideration and redeemable only for goods, services or discounts; and subscriptions to websites, platforms or applications. The notification is effective from the date of publication in the Official Gazette.