Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Industry Experts: India Unlikely to Exempt Crypto Taxes in Upcoming Budget

Odaily2024/07/22 10:36
By:Odaily
Odaily News India is unlikely to change its controversial tax deduction (TDS) policy on crypto transactions when Finance Minister Nirmala Sitharaman unveils her full budget for 2024-2025 on Tuesday, industry experts say. I dont expect India to reduce its 1% TDS anytime soon, even though it is necessary, said Punit Agarwal, founder of cryptocurrency tax platform KoinX. The current tax rate leads to capital outflows to international exchanges and DEXs, which ultimately causes losses to the government. High TDS may prompt retail investors to turn to offshore exchanges, but the governments focus on strict regulation suggests that a reduction in the tax rate is unlikely, said Rajat Mittal, Supreme Court cryptocurrency tax adviser. In the digital asset space, the need for strong regulation is considered more important than alleviating industry concerns. (CoinDesk)
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

AgentLayer co-founder Professor Liu Yang will attend the AI Apex Asia Capital Connect Forum 2024 to give a speech on AI governance

The event will bring together 120 distinguished participants, including government officials, global asset managers, AI entrepreneurs, etc.

BlockBeats2024/09/20 02:10

Turkish Capital Markets Board Publishes New Regulations For Cryptocurrency Exchanges

According to a new official document published by the CMB, there will be significant changes in the cryptocurrency field.

Bitcoinsistemi2024/09/20 01:09