Golden Finance reported that industry experts said that Indian Finance Minister Nirmala Sitharaman will announce the full budget for 2024-2025 on Tuesday, but the country is unlikely to change its controversial crypto transaction tax deduction (TDS) policy. Punit Agarwal, founder of cryptocurrency tax platform KoinX, said that I don't expect India to reduce the 1% TDS in the short term, although it is necessary. The current tax rate leads to capital outflows to international exchanges and DEXs, which ultimately cause losses to the government. Rajat Mittal, the Supreme Court's cryptocurrency tax adviser, said that high TDS may prompt retail investors to turn to offshore exchanges, but the government's focus on strict supervision shows that it is unlikely to reduce the tax rate. In the field of digital assets, strong supervision is needed, which is considered more important than alleviating industry concerns.
