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Highlights
- The CoinDCX CEO expects India to slash crypto tax rates.
- If the policy remains unchanged, it can be a threat to the Web3 startup ecosystem in the country.
- The CEO also noted that the government should support the web3 startups financially.
Sumit Gupta, CEO and Co-Founder of CoinDCX, a prominent Indian crypto exchange, recently expressed optimism for crypto tax reform in India. Despite no immediate relief in the Interim Budget for high TDS and crypto tax rates, Gupta remains hopeful for positive changes in the final budget after the elections.
CoinDCX CEO Holds Up The ‘Reduce Crypto Tax’ Trend
In a recent post on X, Gupta highlighted the challenges posed by the current crypto tax rate of 30% and 1% TDS. The CoinDCX CEO added the ‘ReduceCryptoTax’ hashtag to his post to keep the trend alive. Moreover, he emphasized the potential migration of Web3 builders and consumers beyond Indian borders, posing a threat to the emerging Web3 startup ecosystem in the country. He actively voiced concerns to key stakeholders and seeks a more conducive environment for the industry.
Gupta believes that a supportive policy framework in the upcoming full budget could catalyze positive changes. Moreover, it will motivate Indian Web3 builders and investors to focus on broader use cases beyond trading. Hence, the CoinDCX CEO strongly believes that after the 2024 elections conclude, India could be ready to welcome a reduction in the exorbitant crypto tax rates.
Furthermore, aligning with PM Narendra Modi’s vision for ‘Anusandhan’ and long-term financing of domestic projects, Gupta envisions a digital landscape where innovation thrives. Moreover, despite the challenges in India’s Web 3 space, Gupta noted that CoinDCX is committed to building a future where India leads in the global digital revolution.
Also Read: Crypto Regulation: Modi Urges Nations to Collaborate Against Cyber Threats
Will India Slash Crypto Tax Rate To 5%?
India’s recent Interim Budget, presented a few days ago, left the crypto community in shock. It made no mention of crypto or the Web3 ecosystem, dashing hopes for relief in the crypto tax regime. However, as reported by Coingape earlier, Chirag Chauhan, founder of CA Chauhan & Co., anticipates significant reforms after the 2024 elections.
Chauhan hinted at a possible reduction in India’s current 30% crypto tax rate to 10% or even 5% in the final Union Budget 2024 document. Furthermore, he stressed that legal recognition and reconsideration could provide relief to crypto holders beyond taxation. Whilst, he also emphasized the government’s concern regarding crypto misuse.
Also Read: Crypto Exchange Zipmex Faces Temporary Shutdown in Thailand
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