“There is nothing illegal in crypto today as long as you follow the legal process.” Rajeev Chandrasekhar Minister of Information Technology and Electronicssay
This is important as the Indian government will present its annual budget for the upcoming budget on February 1.
Previously, local crypto exchanges and their investors faced an extremely hostile regulatory environment – from high taxation to to the refusal of banking services – and they hope to beindulgentin the budget proposal This will come into effect after hearings in Parliament. since April 1
“On our behalf for the upcoming Union Budget 2023-2024, we have recommended reducing the TDS rate to 0.01%. This lower rate will help the Indian VDA business to stay competitive. CoinDCX co-founder and CEO Sumit Gupta said in a statement.
The issue in India’s crypto ecosystem is the high tax system. It imposes a 1% transaction tax and a 30% tax on profits from cryptocurrency transactions. Sumit Gupta argues that high taxes and strict regulations will cause many startups to move out of India. to other favorable countries such as Singapore and Dubai Therefore, it is expected that the government may relax and turn to “promote innovation” in the blockchain area.
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