India’s cryptocurrency market has seen strong growth, with the total value of transactions going past ₹51,180 crore, around $6 billion, in 2024-25. This information was shared by the Ministry of Finance in the Rajya Sabha.
The total value of cryptocurrency transactions in India has increased sharply from ₹36,270 crore (≈ $4.03 billion) in 2023-24 and ₹22,130 crore (≈ $2.45 billion) in 2022-23. This represents a 41% jump over the previous year, demonstrating growing interest among investors and traders in the digital asset sector.
TDS collections have steadily increased alongside transaction volumes. In FY 2022-23, the government collected ₹221.27 crore (≈ $24.5 million). This rose to ₹362.7 crore (≈ $40.2 million) in FY 2023-24 and further to ₹511.83 crore (≈ $60.1 million) in FY 2024-25. In total, the three-year TDS collection now exceeds ₹1,095.8 crore (≈ $128.4 million).
Finance officials say the increase in TDS collections clearly shows that Section 194S is having its intended effect, pulling a larger share of virtual digital asset transactions into the tax system.
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