Coin Gabbar Token

<h2 id="header-0">Crypto Transactions in India Surpass $12 Million in TDS Collections</h2><p>Cryptocurrency investors in India are on the rise, prompting the Central Board of Direct Taxes (CBDT) to collect more than 100 crore rupees (over $12 million) through a one percent Tax Deducted at Source (TDS) on crypto transactions in this fiscal year. India&#39;s government implemented a one percent direct tax on all crypto transactions from July 1, 2022.</p><h3 id="the-impact-of-crypto-taxation">The Impact of Crypto Taxation</h3><p>In her 2022-23 budget speech, India&#39;s Finance Minister Nirmala Sitharaman announced the introduction of a one percent TDS on <strong><a href="https://www.coingabbar.com/en/crypto-currency-news/a-sandbox-for-cross-border-crypto-transactions-russia" rel="noopener noreferrer nofollow">crypto transactions</a></strong>. She cited unprecedented growth in crypto transactions due to this specific tax system. She also proposed a 30 percent tax on income from the transfer of any virtual digital asset. However, the central government has since shifted its stance.</p><p>The head of the tax body revealed that they have gathered over 700 crore rupees (approximately $84 million) through TDS on online gaming companies and crypto transactions, surpassing the $12 million mark. It&#39;s important to note that this TDS collection does not include the 30 percent tax on income from crypto transfers imposed by the government.</p><h4>The Road to Regulation</h4><p>While cryptocurrency regulations in India remain unclear, the central government has taken significant steps to regulate crypto adoption in the world&#39;s most populous country. The government has explored options ranging from imposing a complete ban on crypto to promoting a global crypto framework. The initiation of the<strong> <a href="https://www.coingabbar.com/en/crypto-blogs-details/the-one-percent-tds-on-digital-crypto-assets-as-proposed-by-indian-goverment" rel="noopener noreferrer nofollow">TDS</a></strong> tax was aimed at curbing cryptocurrency investments, but it hasn&#39;t been entirely successful, as crypto adoption in the country has continued to grow.</p><h4>India Leading in Crypto Adoption</h4><p>Despite heavy taxes, India&#39;s cryptocurrency adoption is rapidly increasing. In fact, India currently holds the top position in the Global Crypto Adoption Index published by Chainalysis. The Global Crypto Adoption Index evaluates cryptocurrency adoption based on various metrics across more than 150 countries, and India has emerged as the leader. As a result, the Indian government is now considering a more nuanced approach to regulating the crypto framework in the country.</p><p>Join: www.coingabbar.com</p>

India Collects Over $12M in Crypto Tax as Adoption Surges

Table of Contents

Coingabbar

Other articles published on Oct 12, 2023

Sam Bankman-Fried’s Alameda Research Lost At Least $200 Million To Security Breaches, Former Engi...

New PS5 Model Unveiled: Compact Design, Enhanced Storage, and More

FTX Trial Week: A Recap of Explosive Revelations

ChainGPT Free AI Product Suite

The Alameda Research and FTX Debacle: Uncovering the Truth

$BIGTIME Price Goes Up by Over 260% in Past 24 Hours

Join our free newsletter for daily crypto updates!