Key Points
As Interim Budget 2024 looms on the horizon, the Indian crypto industry is buzzing with expectations, eager to witness how the Central Government will shape the regulatory landscape for virtual digital assets (VDAs)..
One prominent demand from experts is the abolition of the 1% Tax Deducted at Source (TDS), a measure currently in place..
A strategic focus on significant measures, such as lowering the TDS rate from 1% to 0.01% and aligning the tax rate with the framework applicable to other assets by reducing it from 30%, would undoubtedly invigorate the sector...
The Indian government's proactive stance on fostering innovation and responsible growth in the crypto industry is evident in various measures..
As an FIU-registered platform compliant with Indias KYC and PMLA rules, CoinSwitch urges the Government of India to consider the following:. i) Reducing the Tax Deducted at Source (TDS) on VDAs, from 1% to 0.01%..
You might be interested in
Governments worldwide embrace web3.0 and crypto assets with positive regulatory policies
07, May, 23Reportedly, the European Parliament has approved the world's first comprehensive set of regulations for the crypto industry
Budget 2024: Crypto experts advocate for lower TDS and regulatory clarity
17, Jul, 24The current framework, introduced over two years ago has led to some unintended consequences, pushing transactions to offshore platforms and making it harder to track and trace them.
Budget 2024 expectations: From tech innovation to tax regularisation, what crypto sector expect from the budget
27, Jan, 24India's cryptocurrency sector is hoping for the introduction of a well-defined legal framework and the regularisation of tax structure in the upcoming interim budget presentation
Stability to guarding investors, India flags 3 issues on crypto
19, Jul, 23India Business News: GANDHINAGAR: As global agencies work out a framework on crypto assets, Indian authorities want three key issues addressed, including macroeconomic and.
Govt ropes in cryptocurrency trade in anti-money laundering law. How does it help market, investors?
09, Mar, 23FinMin stated that the exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets, and the transfer of virtual digital assets --- will come under PMLA.
Regulatory harmonization to drive crypto adoption
07, May, 23Reportedly, the total market capital of crypto is only at USD 1.25 trillion
Government must keep up capital expenditure momentum, says India Inc
27, Jan, 24Business News: India Inc calls on the government to sustain the momentum of capital expenditure to stimulate demand and ensure fiscal stability. Read more on this issue.
UK legal body recommends new property law category for crypto assets
28, Jun, 23UK law can accommodate crypto assets by creating a new category of personal property that would include digital assets, independent body the Law Commission said on Wednesday.
TDS at 1% pushing crypto investors to grey market: Will Budget 2024 reconsider it?
20, Jan, 24TDS rate on crypto: in Budget 2022, the government brought out rules on how capital gains from different virtual digital assets such as crypto, NFTs will be taxed. Along with this, the government also imposed TDS on buying and selling of crypto. However, the TDS rate is pushing investors to buy and sell it via off market transactions.
Govt mulls options to impose carbon tax on some imports
10, Aug, 23India Business News: NEW DELHI: The government is discussing the possibility of imposing carbon tax on some of the imports into the country at a time when Indian exports a.