JAKARTA – India’s decision to maintain existing crypto tax rates has sparked debate among digital asset industry players. Although the request for a reduction in tariffs has been submitted, Finance Minister Nirmala Sitharaman confirmed that crypto tax regulations will remain in effect during the 2024/25 fiscal year.
In April 2022, India implemented a 1% source-cut tax rate (TDS) for crypto transactions. This rule led to a decrease in trading volume in India’s crypto industry. Industry leaders have advocated for a reduction in TDS rates to 0.01% and progressive tax recognition of profits.
However, the latest budget presentation confirms…