Budget a missed opportunity, say crypto startups
Finance Minister Nirmala Sitharaman made no announcements regarding crypto taxes in the Budget, which the crypto industry views as a missed opportunity to support crypto startups and investors.
«We had hoped the government would reduce taxation to align it with other asset classes. Unfortunately, this has not been addressed, representing a missed opportunity to support startups and investors in the crypto space,» said Ashish Singhal, Co-founder of Lemonn and CoinSwitch.
Meanwhile, Vikas Singh, Co-Founder of NFTFN, said, «There was an expectation that the government would align its taxation policy with other asset classes to foster growth and investment. Regrettably, this opportunity was not seized, marking a missed chance to further support startups and investors within the crypto space.»
Currently, crypto investors in India are subject to a 1% tax-deducted-at-source (TDS) on every crypto transaction. Profits from cryptocurrency trading or asset transfers are taxed at 30%. Additionally, stringent rules prevent crypto losses from being set off against any other income, such as salary or business income, nor can they be carried forward to subsequent years. Only the cost of acquisition is deductible.
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