TDS
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🚀 Breaking News 🚀
Did you know? In the 2022-23 budget, Finance Minister Nirmala Sitharaman announced a 30% tax on cryptocurrencies and imposed a 1% TDS on transactions exceeding ₹10,000!
Shocking, right? No one saw it coming! With such heavy taxation on #Crypto, hopes were low for this budget too!
But here's the twist: Have Indian #Crypto exchanges engaged with government departments or ministers on this matter? It doesn't seem so!
Stay informed, stay engaged! Let's keep the dialogue open and advocate for a fair #CryptoTax policy! 💬💰 #TDS #Elections2024 #Write2Earn
Did you know? In the 2022-23 budget, Finance Minister Nirmala Sitharaman announced a 30% tax on cryptocurrencies and imposed a 1% TDS on transactions exceeding ₹10,000!
Shocking, right? No one saw it coming! With such heavy taxation on #Crypto, hopes were low for this budget too!
But here's the twist: Have Indian #Crypto exchanges engaged with government departments or ministers on this matter? It doesn't seem so!
Stay informed, stay engaged! Let's keep the dialogue open and advocate for a fair #CryptoTax policy! 💬💰 #TDS #Elections2024 #Write2Earn
Central Board of Direct Taxes (#CBDT ) has collected more than 100 crore INR ($12 million) from one percent TDS (Tax Deducted at Source) on crypto transactions in this financial year.
The #Indian #government had implemented one percent direct tax on all crypto transactions from July 1, 2022.
In an interview with #ani , the tax body’s chairman revealed that they have collected over 700 crore INR ($84 million) in TDS during the current financial year from online gaming companies and crypto transactions.
Over 12$ million was collected from taxes on crypto.
Tax Imposed After “Phenomenal Increase” in Crypto Transactions
Though crypto regulations in India remain unclear as of now, the central government has imposed heavy taxes in order to curb unsupervised crypto’s adoption in the world’s most populated country.
In her 2022-23 Budget speech, India’s Finance Minister Nirmala Sitharaman announced one percent #TDS on crypto transactions.
She cited “phenomenal increase” in crypto transactions as a reason for a specific tax regime.
At the same time, she proposed taxing income from the transfer of any virtual digital asset at 30 per cent.
The central government of India has significantly changed its stance on crypto regulations in the last year.
The #Indian #government had implemented one percent direct tax on all crypto transactions from July 1, 2022.
In an interview with #ani , the tax body’s chairman revealed that they have collected over 700 crore INR ($84 million) in TDS during the current financial year from online gaming companies and crypto transactions.
Over 12$ million was collected from taxes on crypto.
Tax Imposed After “Phenomenal Increase” in Crypto Transactions
Though crypto regulations in India remain unclear as of now, the central government has imposed heavy taxes in order to curb unsupervised crypto’s adoption in the world’s most populated country.
In her 2022-23 Budget speech, India’s Finance Minister Nirmala Sitharaman announced one percent #TDS on crypto transactions.
She cited “phenomenal increase” in crypto transactions as a reason for a specific tax regime.
At the same time, she proposed taxing income from the transfer of any virtual digital asset at 30 per cent.
The central government of India has significantly changed its stance on crypto regulations in the last year.
#INDIA TO IMPLEMENT A LOWER TAX LEVY EXPECTED BY CRYPTO UNICORN
A tax levy that the Indian #crypto sector is now dealing with has severely hurt the region's ability to trade digital assets. According to CoinDCX, the #tax levy has been viewed as counteracting, and an appeal has been filed about the process of lowering the rate. Prior to the levy being put into effect, #CoinDCX was worth $2 billion.
The cryptocurrency market is a dynamic environment that has seen constant scepticism and uncertainty but has also seen an increase in adoption. This has affected the way the government intervenes through taxes and regulations.
India rejects a substantial portion of cryptocurrency trades worldwide. However, the high taxes in the area have inhibited innovation and digital asset trade, which has limited the region's potential for cryptocurrency adoption.
India’s crypto tax levy-
Around 16 months ago, India implemented a 1% #TDS (Tax Deducted at Source) regulation on cryptocurrency transactions. However, this tax has had a detrimental impact on crypto trading in the country. The primary objective of this taxation measure was to monitor the buying and selling of crypto assets rather than generate revenue for the nation.
Recent market analysis indicates that crypto trading volumes in India have sharply declined, with 95% of traders in the country shifting to overseas platforms that are considerably challenging for local authorities to oversee. Summit Gupta, the CEO of CoinDCX, presented this data and expressed hopes that the government would reduce the tax in a timely manner to address this issue.
In a recent interview, Gupta commented, "The initial purpose of implementing TDS was to track and trace transactions, but it seems that goal is not being achieved."
Furthermore, the imposition of this tax has prompted market makers to exit Indian cryptocurrency exchanges due to the high transaction costs, negatively impacting their investments due to reduced liquidity and undermining their trading activities.
A tax levy that the Indian #crypto sector is now dealing with has severely hurt the region's ability to trade digital assets. According to CoinDCX, the #tax levy has been viewed as counteracting, and an appeal has been filed about the process of lowering the rate. Prior to the levy being put into effect, #CoinDCX was worth $2 billion.
The cryptocurrency market is a dynamic environment that has seen constant scepticism and uncertainty but has also seen an increase in adoption. This has affected the way the government intervenes through taxes and regulations.
India rejects a substantial portion of cryptocurrency trades worldwide. However, the high taxes in the area have inhibited innovation and digital asset trade, which has limited the region's potential for cryptocurrency adoption.
India’s crypto tax levy-
Around 16 months ago, India implemented a 1% #TDS (Tax Deducted at Source) regulation on cryptocurrency transactions. However, this tax has had a detrimental impact on crypto trading in the country. The primary objective of this taxation measure was to monitor the buying and selling of crypto assets rather than generate revenue for the nation.
Recent market analysis indicates that crypto trading volumes in India have sharply declined, with 95% of traders in the country shifting to overseas platforms that are considerably challenging for local authorities to oversee. Summit Gupta, the CEO of CoinDCX, presented this data and expressed hopes that the government would reduce the tax in a timely manner to address this issue.
In a recent interview, Gupta commented, "The initial purpose of implementing TDS was to track and trace transactions, but it seems that goal is not being achieved."
Furthermore, the imposition of this tax has prompted market makers to exit Indian cryptocurrency exchanges due to the high transaction costs, negatively impacting their investments due to reduced liquidity and undermining their trading activities.