Budget 2024: Will India see a reduction in TDS and other taxes that currently exist in crypto?
In the past few years, there has been a gradual positive shift in the right direction. The government has provided clarity on taxation, and crypto exchanges are now reported entities under the Prevention of Money Laundering Act (PMLA). However, the tax rate remains high, which is negatively impacting the growth of the ecosystem. This situation has led to a migration of trading volume to international exchanges, posing higher risks in terms of compliance and customer protection.
The taxation on crypto should also be at par with other businesses, the TDS should be reduced from 1% to 0.01 %, and set off of losses should be allowed.
The government and other stakeholders to promote awareness about the benefits and risks of crypto, and align stakeholders on comprehensive regulations around Web3 technology.
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The Indian crypto industry has voiced its concerns regarding the current taxation framework. The
