NewsletterIndia Crypto Ecosystem Let Down With No Reduction In Tax
India crypto news: India finance minister Nirmala Sitharaman placed the budget for 2023 in the Parliament on Wednesday. There was no mention of any plans or tax relief for the trading of cryptocurrencies and other Virtual Digital Assets (VDA) in the country. This comes amid low hopes on lowering of crypto taxes but the crypto community was hoping for positive outlook for the future. The government announced the plan to launch the national financial registry in the country.
Also Read: India Takes Cautious Approach Towards Crypto After FTX Crisis
Crypto Tax In India
With the introduction of crypto taxes in the last financial year, India currently has one of the world’s harshest taxation policy for trading of cryptocurrencies. Classified as Virtual Digital Assets (VDA), the crypto assets come under the highest tax slab of 30% in the country. This is same bracket as the 30% tax levied on gambling industry in the country. In addition to the high tax, a 1% tax deductible at source (TDS) is implemented on VDA trading of above Rs 10,000.
The country’s administration in the economic survey of India 2023 highlighted the need for common crypto regulation. The government acknowledged the role of crypto asset exchanges, wallet providers, and crypto conglomerates in the crypto ecosystem.
Also Read: Budget 2023 India: Top 5 Cryptocurrencies To Watch For 10x Growth
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