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📰📰📰 Report: India's 1% TDS on Crypto Transactions Stifling Growth, Needs to be Cut to 0.01% 🗞️🗞️🗞️ A recent study by the #Blockchain and Crypto Assets Council (BACC) has found that India's 1% TDS on crypto transactions needs to be slashed to 0.01% in order to promote the growth of the crypto industry in the country. The study also found that the TDS is discouraging foreign investment in the Indian crypto market. The BACC study found that the 1% TDS is too high and is making it difficult for Indian crypto exchanges to compete with global exchanges. The study also found that the TDS is discouraging new investors from entering the Indian crypto market. The BACC recommended the Indian government slash the TDS on crypto transactions to 0.01%, matching lower rates in other countries and easing the growth of the Indian crypto industry. The Indian government is currently reviewing the TDS on crypto transactions. It is possible that the government will reduce the TDS rate in the upcoming budget. Here are some of the benefits of reducing the TDS on crypto transactions in India: - Promote the growth of the Indian crypto industry: A lower TDS rate would make it more attractive for Indian investors to invest in cryptocurrencies. It would also make it more attractive for global crypto exchanges to operate in India. - Increase government revenue: The Indian government could earn more revenue from crypto taxes if it reduces the TDS rate. This is because a lower TDS rate would encourage more people to invest in cryptocurrencies and pay taxes on their profits. - Reduce the burden on crypto exchanges: The 1% TDS is a burden on crypto exchanges, as they have to comply with additional regulations and pay higher fees. A lower TDS rate would reduce the burden on crypto exchanges and make them more competitive. Overall, reducing the TDS on crypto transactions would be a positive development for the Indian crypto industry and the Indian government. #CryptoNews #cryptocurrency #BinanceSquareTalks #BinanceFeatures

📰📰📰 Report: India's 1% TDS on Crypto Transactions Stifling Growth, Needs to be Cut to 0.01% 🗞️🗞️🗞️

A recent study by the #Blockchain and Crypto Assets Council (BACC) has found that India's 1% TDS on crypto transactions needs to be slashed to 0.01% in order to promote the growth of the crypto industry in the country. The study also found that the TDS is discouraging foreign investment in the Indian crypto market.

The BACC study found that the 1% TDS is too high and is making it difficult for Indian crypto exchanges to compete with global exchanges. The study also found that the TDS is discouraging new investors from entering the Indian crypto market.

The BACC recommended the Indian government slash the TDS on crypto transactions to 0.01%, matching lower rates in other countries and easing the growth of the Indian crypto industry.

The Indian government is currently reviewing the TDS on crypto transactions. It is possible that the government will reduce the TDS rate in the upcoming budget.

Here are some of the benefits of reducing the TDS on crypto transactions in India:

- Promote the growth of the Indian crypto industry: A lower TDS rate would make it more attractive for Indian investors to invest in cryptocurrencies. It would also make it more attractive for global crypto exchanges to operate in India.

- Increase government revenue: The Indian government could earn more revenue from crypto taxes if it reduces the TDS rate. This is because a lower TDS rate would encourage more people to invest in cryptocurrencies and pay taxes on their profits.

- Reduce the burden on crypto exchanges: The 1% TDS is a burden on crypto exchanges, as they have to comply with additional regulations and pay higher fees. A lower TDS rate would reduce the burden on crypto exchanges and make them more competitive.

Overall, reducing the TDS on crypto transactions would be a positive development for the Indian crypto industry and the Indian government.

#CryptoNews #cryptocurrency #BinanceSquareTalks #BinanceFeatures

Aviso legal: Se incluyen opiniones de terceros. Esto no respresenta una asesoría financiera. Puede haber contenido patrocinado. Lee los TyC.
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