Hey Fam!
Recent reports reveal that India has missed out on a whopping ₹6,000 crore in tax revenue as traders flock to foreign platforms.
Despite the government's efforts to tighten the reins, offshore exchange activity by Indian traders has skyrocketed by 77%.
Experts suggest that tweaking the tax landscape—like reducing the TDS and revising current laws—could potentially bring back between ₹9,169 crore and ₹18,338 crore over the next five years.
Creating a balanced and trader-friendly tax policy is key to ensuring that India benefits from the growing crypto market.
With better regulations, the government can boost investor trust, retain capital within the country, and unlock the full potential of the crypto economy.
In the meantime, the crypto market remains as dynamic as ever.
Bitcoin and Ethereum continue to lead the pack, with altcoins like XRP making significant moves.
Market sentiment is cautiously optimistic, but as always, volatility is the name of the game.
