India Crypto Ecosystem Let Down With No Reduction In Tax – Crypto News – Crypto News
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India Crypto Ecosystem Let Down With No Reduction In Tax – Crypto News

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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 amidst 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 policies for trading of cryptocurrencies. Classified as Virtual Digital Assets (VDA), the cryptoassets come under the highest tax slab of 30% in the country. This is the same bracket as the 30% tax levied on the 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

The post India Crypto Ecosystem Let Down With No Reduction In Tax appeared first on CoinGape,

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