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 <p class="is-style-lead">WazirX CEO Nischal Shetty thinks the much-needed tax relief on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> transactions in India is still years away.</p> 
 <p>In a recent interview, Shetty said the 1% tax deduction at source (TDS) on every crypto transaction will still be in place for at least another two years.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“I don’t think we’ll see any immediate reduction in TDS since there have been no formal discussions between the industry and lawmakers specifically around it.”</p> 
  <p>Nischal Shetty</p> 
 </blockquote> 
 <p>CoinDCX CEO Sumit Gupta claims they are in talks with the government to reduce TDS from 1% to 0.01%, but no timetable was provided.</p> 
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 <p>In April 2022, India approved&nbsp;a new rule that taxes 30% on digital currency holdings and transfers. The bill notes that traders should not offset losses against profits. </p> 
 <p>The Indian government has also imposed a tax deduction at source of 1% on every buy or sell trade in an effort to keep track of the movements of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> funds.</p> 
 <p>These measures, particularly the TDS, have had a dramatic effect on trading volumes,&nbsp;pushing India’s <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges&nbsp;into what many are calling “survival mode.” </p> 
 <p>In October 2022, WazirX reduced its workforce by 40% (60 employees out of 150) to navigate the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market downturn. About a year later, in August 2023, CoinDCX also downsized its staff by 12% due to a prolonged bear market and changing tax policies affecting its revenue.</p> 
 <p>In early September 2023, India’s finance minister, Nirmala Sitharaman, called for a global regulatory framework to address <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset-related issues. This followed the G20 Presidency Note, which highlighted the roles of the Financial Stability Board (FSB) and the International Monetary Fund (IMF) in protecting investors in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> ecosystem.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> India explores new features for CBDC amid weak retail activity 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/wazirx-says-india-will-likely-keep-onerous-crypto-taxes-until-2025-tbt63642.html">https://thebittimes.com/wazirx-says-india-will-likely-keep-onerous-crypto-taxes-until-2025-tbt63642.html</a></p>

WazirX says India will likely keep onerous crypto taxes until 2025

TheBitTimes

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