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India's Implementation of 1% TDS on Crypto Transfers Generates $19 Million in 9 Months
"India's New Tax Regime on Crypto Transfers Yields $7.4 Million in Just 4 Months, Amid Calls for Lower Rates"
In a bid to regulate the growing cryptocurrency industry, the Indian government recently introduced a new tax regime for crypto transactions. Under the new rules, a 1% TDS (Tax Deducted at Source) would be levied on Virtual Digital Asset (VDA) transfers exceeding Rs 10,000 in a financial year. Additionally, all gains from VDA transfers would be subject to a 30% income tax.
Although the tax was expected to be lowered to 0.05% or 0.1% in line with industry demands, the government has yet to provide any such relief. As a result, the tax has yielded Rs 60.46 crore (approximately $7.4 million) in just four months, since its implementation on July 1, 2023.
While the tax has been met with mixed reactions from the crypto community, the government's move towards regulating the industry is seen as a positive step forward. As the crypto market continues to grow in India, it remains to be seen how the tax regime will impact its long-term growth and sustainability.
#BTC #IndexProtocol #crypto2023 #BNB #bicasso
In a bid to regulate the growing cryptocurrency industry, the Indian government recently introduced a new tax regime for crypto transactions. Under the new rules, a 1% TDS (Tax Deducted at Source) would be levied on Virtual Digital Asset (VDA) transfers exceeding Rs 10,000 in a financial year. Additionally, all gains from VDA transfers would be subject to a 30% income tax.
Although the tax was expected to be lowered to 0.05% or 0.1% in line with industry demands, the government has yet to provide any such relief. As a result, the tax has yielded Rs 60.46 crore (approximately $7.4 million) in just four months, since its implementation on July 1, 2023.
While the tax has been met with mixed reactions from the crypto community, the government's move towards regulating the industry is seen as a positive step forward. As the crypto market continues to grow in India, it remains to be seen how the tax regime will impact its long-term growth and sustainability.
#BTC #IndexProtocol #crypto2023 #BNB #bicasso