LIVEFor a few months now, there have been rumors that India's finance department will take steps to lower the tax rate on crypto, but nothing has happened.
-India's finance minister, Nirmala Sitharaman, presented the budget without introducing any changes to the controversial tax deducted at source (TDS) policy affecting the crypto industry.
The existing TDS policy includes a 30% tax on profits and a 1% TDS on all crypto transactions.
Despite efforts from the domestic crypto industry and a think tank advocating for a reduction in TDS, no changes were announced in the budget.
- The Indian crypto industry has been urging the government to reduce the 1% TDS since its introduction two years ago.
The TDS policy has led to the movement of many crypto transactions offshore, impacting revenue, and the recent budget did not address the industry's concerns.
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