Gift vouchers, rewards points and website subscription is excluded from definition of VDA: CBDT
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- Last Updated on 2 July, 2022
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Notification No. 74/2022, dated 30-06-2022
The meaning of virtual digital asset (VDA) has been defined by section 2(47A). It covers the following three classes of VDA:
a) Information or code or number or token generated through cryptographic means;
b) Non-fungible token (NFT); and
c) Any other digital asset as may be notified by the Board.
The residuary clause mentioned in point (c) also gives power to the Central Govt. to exclude any other digital asset for the definition of virtual digital asset subject to prescribed conditions.
Exercising such power, the Central Government has notified the following virtual digital assets which shall be excluded from the definition of VDA:
a) Gift card or vouchers, being a record that may be used to obtain goods or services or a discount on goods or services;
b) Mileage points, reward points or loyalty card, being a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate or promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services; and
c) Subscription to websites or platforms or applications.
Click Here To Read The Full Notification
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