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<ul> 
 <li>CoinDCX CEO, Sumit Gupta, lobbies for a massive reduction in TDS from 1% to 0.01%.</li> 
 <li>Last year’s imposition of the 1% TDS led to a plummet in trading volumes at crypto exchanges.</li> 
 <li>Hope for a friendlier crypto tax regime in India, but possibly two years away.</li> 
</ul> 
<p>India’s cryptocurrency industry has been under considerable strain since the introduction of the 1% Tax Deducted at Source (TDS) on crypto transactions. This levy, while aimed at streamlining the rapidly growing sector, inadvertently crippled trading volumes. Notably, market makers and high-frequency investors, integral cogs in the trading machinery, scaled back their operations, citing escalated costs.</p> 
<p>Responding to the downturn and voicing the concerns of many, CoinDCX’s CEO, Sumit Gupta, has taken a proactive stance. Gupta revealed that CoinDCX is ardently lobbying with the Indian government for a dramatic cut in the TDS — from the current 1% to a more manageable 0.01%. Such a move, he believes, would significantly ease the burden on investors and stimulate trading activities.</p> 
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   <p lang="en" dir="ltr">CoinDCX CEO Sumit Gupta said that the company is lobbying India’s government to cut the TDS from 1% to 0.01%. A shift by India to a less onerous crypto tax regime may be two years away. <br><br>Indian officials last year imposed a 1% levy — known as TDS — on crypto transactions,…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1706125683330883927?ref_src=twsrc%5Etfw">September 25, 2023</a>
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<p>However, even as dialogues continue and the crypto community remains hopeful, a transition to a more lenient crypto tax regime might be on a slightly elongated timeline. Gupta anticipates that it could be another two years before the industry witnesses such a change.</p> 
<p>For India’s crypto enthusiasts, this represents a waiting game. But with stalwarts like Gupta championing their cause, there is a glimmer of hope that the market will eventually rebound, buoyed by supportive regulatory measures.</p> 
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</ul> 
<p>The post <a rel="nofollow" href="https://cryptonewsland.com/coindcx-advocates-for-lower-crypto-tax-rates-amidst-indian-tds-concerns/">CoinDCX Advocates for Lower Crypto Tax Rates Amidst Indian TDS Concerns</a> appeared first on <a rel="nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

CoinDCX Advocates for Lower Crypto Tax Rates Amidst Indian TDS Concerns

Crypto News Land

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