NewsletterCrypto Tax Ignored In Indian Budget 2023; Crypto Giants Drops Suggestions
Crypto Tax News: The Indian Union Finance Minister Nirmala Sitharaman presented her fifth Budget in the parliament. The Indian lawmaker made several revisions and announcements regarding the income tax slabs for the citizens. Meanwhile, the crypto community seems to be disappointed with the authority’s take on Virtual Digital assets (VDA) in the nation.
Need for a reduction in Crypto Tax?
Nischal Shetty, CEO of WazirX, raised the major concern of Crypto being ignored from the budget 2023. He stated that a reduction of 1% TDS to 0.01% would have helped the millions of Indian traders. However, he believes that regulations should be formed in line with the rest of the world. It is advisable to wait until global regulations are cleared.
Sumit Gupta, CEO of Indian Crypto exchange CoinDCX seems to be disappointed in the Union Budget 2023 as it missed out on the opportunity to ease down tax pressure from dealing in crypto assets.
In a Twitter thread, he mentioned he was hoping for income reduction on VDAs, however, it didn’t happen. The Union Finance Minister Nirmala Sitharaman changed the income tax slabs under the new regime without even mentioning the digital assets. Read More Crypto Tax Updates Here….
He added that India has one of the highest tax regulations on crypto assets in the world. This is the main reason why Indian user wants to shift their investments overseas. This enforcement is not good for the nation and the community engaged in building this sector.
India to turn into Web3 hub
CoinDCX CEO highlighted that they have always been committed to supporting the authority to devise policies that are conducive to the required growth of the ecosystem. However, he holds full faith that the country can achieve the status of a Web3 hub around the globe.
Sumit termed the Budget 2023 quite comprehensive and pragmatic. It is expected to set India on the path of becoming one of the world’s leading economies. However, he is glad to see the government’s focus on technology and entrepreneurial spirit.
He added that the need for public private partnerships and stakeholder consultation in policy matters is the most welcome move.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- U.S. SEC’s Crypto Task Force Sets Dec. 15 for Privacy Roundtable After Previous Delay
- Grayscale Files S-1 for New SUI ETF After 21Shares’ Successful First Fund Launch
- Do Kwon Faces Up to 12 Years in Prison Over ‘Colossal’ Role in $40B TerraUSD Collaps
- ProShares Drops 3x Bitcoin, Ethereum, XRP ETF Plans After SEC Pushback
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Is Chainlink Price Headed for $20 as Reserves Pass 1M LINK?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
