Crypto Tax News: The Indian Union Finance Minister Nirmala Sitharaman presented her fifth Budget in the parliament. The Indian lawmaker made several revisions and announcements regarding the income tax slabs for the citizens. Meanwhile, the crypto community seems to be disappointed with the authority’s take on Virtual Digital assets (VDA) in the nation.
Need for a reduction in Crypto Tax?
Nischal Shetty, CEO of WazirX, raised the major concern of Crypto being ignored from the budget 2023. He stated that a reduction of 1% TDS to 0.01% would have helped the millions of Indian traders. However, he believes that regulations should be formed in line with the rest of the world. It is advisable to wait until global regulations are cleared.
Sumit Gupta, CEO of Indian Crypto exchange CoinDCX seems to be disappointed in the Union Budget 2023 as it missed out on the opportunity to ease down tax pressure from dealing in crypto assets.
In a Twitter thread, he mentioned he was hoping for income reduction on VDAs, however, it didn’t happen. The Union Finance Minister Nirmala Sitharaman changed the income tax slabs under the new regime without even mentioning the digital assets. Read More Crypto Tax Updates Here….
He added that India has one of the highest tax regulations on crypto assets in the world. This is the main reason why Indian user wants to shift their investments overseas. This enforcement is not good for the nation and the community engaged in building this sector.
India to turn into Web3 hub
CoinDCX CEO highlighted that they have always been committed to supporting the authority to devise policies that are conducive to the required growth of the ecosystem. However, he holds full faith that the country can achieve the status of a Web3 hub around the globe.
Sumit termed the Budget 2023 quite comprehensive and pragmatic. It is expected to set India on the path of becoming one of the world’s leading economies. However, he is glad to see the government’s focus on technology and entrepreneurial spirit.
He added that the need for public private partnerships and stakeholder consultation in policy matters is the most welcome move.
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