The Indian government has revealed that it received Rs 60.46 crore in TDS from the trading of virtual digital assets.
This year, in addition to a 30% income tax, the government imposed a surcharge and cess on the transfer of digital assets. The Centre also implemented a 1% TDS on transactions involving virtual digital assets in July.
Startups and investors in the country have protested against the country’s high interest rates, claiming that they are stifling the country’s crypto economy. With the government set to present the latest Budget in February 2023, industry groups have been lobbying the government to reduce the TDS on digital asset transfers.
Meanwhile, after taking over the chairmanship of Group of 20 (G20) India has decided to increase efforts to reach a consensus on crypto asset policy to inform better global regulation. The first gathering of central bank and finance deputies for the G20 took place in Bengaluru, India, which is presently holding the G20 presidency.
India aims to prioritise the framing of globally coordinated crypto rules, thereby renewing the urgency for tighter regulations amid the crypto contagion triggered by the collapse of FTX.
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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