India Leaves Crypto Tax Unchanged During Budget Presentation
India’s Finance Minister, Nirmala Sitharaman, unveiled the Union Budget for 2024-25 in India on July 23. The budget maintained the existing tax rate for the cryptocurrency industry without directly addressing digital assets.
This silence on policy has generated uncertainty within the Indian crypto community regarding the future of digital assets.
The lack of clear direction in the budget has sparked varied reactions from stakeholders within the Indian cryptocurrency ecosystem.
The budget presentation, while outlining nine priorities for economic growth – including agriculture, employment, and innovation – did not specifically address cryptocurrencies.
Key announcements included the elimination of the angel tax for startup investors and the retraction of the 2% equalization levy.
Notable figures in the Indian crypto community, such as developer Vijay Saran, were quick to point out the budget’s silence on cryptocurrency, with Saran stating on X that there was “not even a single mention of Crypto.”
Union Budget 2024 Update:
There is not even a single mention of Crypto in the #unionbudget2024
The Indian government did not mention anything related to cryptocurrencies in the union budget 2024-25
which means Tax on Crypto transactions and TDS is unchanged: 30% TAX and 1% TDS… pic.twitter.com/raBT1xWA6M
— Vijay Saran (@imvijaysaran) July 23, 2024
Sathvik Vishwanath, CEO of local exchange Unocoin, interpreted the government’s decision to keep taxes unchanged as an indication that the Indian government is stifling global innovation and investor’s interest.
Day-900: Effective regulations, not just higher taxation, are what the Indian #crypto industry needs today. Clear guidelines and fair policies will support innovation, protect investors,
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