India's Controversial TDS Policy Remains Unchanged, Crypto Industry Continues to Struggle

India's finance minister Nirmala Sitharaman presented the budget in parliament on Thursday, but there were no changes to the controversial tax deducted at source (TDS) policy affecting the crypto industry. The TDS policy includes a 30% tax on profits and a 1% TDS on all transactions. Despite efforts from the domestic crypto industry and a think tank study, the government did not reduce the TDS. The budget had lower expectations due to the upcoming general elections, and a full budget is expected in July. The tax has caused as many as five million crypto traders to move their transactions offshore, costing the government a potential $420 million in revenue since its introduction in July 2020.