India Crypto Tax News: With India’s finance minister Nirmala Sitharaman set to place the budget for 2023-24 soon, the crypto community is hoping for relief in the tough crypto tax stance. The Union Budget 2023 will be placed in the country’s Parliament on February 1, 2023. Even as the crypto market is yet to gain regulatory clarity around the globe, the scope of the industry continues to rise. This is despite the huge hurdles it witnessed in the form of Terra network collapse and the recent FTX bankruptcy.
While several countries around the world are still yet to provide a clear stance on crypto regulation, countries like Singapore and India are approaching it with a selective approach. In what could be the beginning of a huge project, the country’s central bank recently launched the Digital Rupee (e₹) for the country’s wholesale businesses in select cities. This is also seen as a part of the Reserve Bank of India’s ongoing efforts to launch its own Central Bank Digital Currency (CBDC).
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Lower Crypto Tax In Budget Announcement?
Meanwhile, the crypto community is hoping that the upcoming budget session brings some respite in terms of crypto tax. Amid a lack of clarity on trading of cryptocurrencies and its regulatory framework, the high tax on virtual digital assets is plaguing the prospects of the industry in the country. The country’s authorities are yet to provide clear guidance on how crypto companies should register and operate in its jurisdiction. This is even more important considering the risk of increased migration of companies from India.
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Currently, India levies a 30% percent tax on all profits earned through cryptocurrencies. Traders cannot offset losses incurred from trading one type of cryptocurrency by profits in another. In addition to this, traders also have the burden on 1% tax deductible at source on crypto transfers.
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