2024

Bank

Prime

DeFi

India Budget 2024 is all set to be presented tomorrow and remains a hot topic nationwide. Meanwhile, the Economic Survey was tabled by the Indian Finance Minister Nirmala Sitharaman today. The crypto community’s hopes don’t seem optimistic at present, as no developments hinted at a crypto tax reduction.
Notably, the Economic Survey projected a real GDP growth of 6.5 to 7 percent. Besides, the RBI (Reserve Bank of India) anticipated the inflation to be 4.5 percent in FY25 and 4.1 percent in FY26.
<h2 id="india-budget-2024-crypto-tax-to-remain-same">India Budget 2024: Crypto Tax to Remain Same?</h2>
The current <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> landscape in India remains questionable, primarily with significantly high TDS on VDA (Virtual Digital Assets). This impacts market participation nationwide, with the community eagerly expecting relief in the upcoming Indian Budget 2024.
For context, the current TDS is 1%, which was much anticipated by the community to be slashed to 0.01%. However, no hints were drawn towards this issue during today’s economic survey presentation.
Although the country aims to move forward with the aim of “Viksit Bharat” with the India Budget 2024, meaning evolving India, its stance towards crypto has yet to evolve. Nonetheless, in light of the Survey, Chief Economic Advisor V. Anantha Nageswaran hinted towards possible <a href="https://coingape.com/glossary/artificial-intelligence/" target="_blank" rel="noopener noreferrer nofollow">AI (artificial intelligence)</a> developments and related inclusions in the upcoming budget.
Also Read: <a href="https://coingape.com/defi-tvl-soars-72-to-94-billion-this-year-binance/" target="_blank" rel="noopener noreferrer nofollow">DeFi TVL Soars 72% to $94 Billion This Year: Binance</a>
<h2 id="expectations-with-the-upcoming-budget">Expectations With The Upcoming Budget</h2>
Nevertheless, the nation continues to eagerly await the first Indian budget to be presented by the newly elected NDA government led by Prime Minister Narendra Modi. Some other expectations from the India Budget 2024 include reducing a 30% crypto tax on profits and eradicating taxable yield farming, staking, and lending, among other digital asset-related activities.
Intriguingly, recent events that unfolded within the crypto sector might further prompt the Indian government’s decisions to include apt regulations surrounding this asset. The recent <a href="https://coingape.com/wazirx-hack-update-will-investors-get-their-money-back/" target="_blank" rel="noopener noreferrer nofollow">WazirX</a> exchange hack has further sparked speculations nationwide.
On the other hand, some of the most renowned <a href="https://coingape.com/glossary/centralized-cryptocurrency-exchanges-cex/" target="_blank" rel="noopener noreferrer nofollow">CEXs</a>, Binance and KuCoin, became FIU compliant this year. Although risks surrounding this financial tech still persist, the rising popularity in India is definitely a point for the government to consider.
Also Read: <a href="https://coingape.com/crypto-investment-funds-attracts-1-35b-inflows-aum-hits-97b/" target="_blank" rel="noopener noreferrer nofollow">Crypto Investment Funds Attract $1.35B Inflows, AUM Hits $97B</a>
The post <a href="https://coingape.com/budget/india-budget-2024-economic-survey-indicates-crypto-tax-reduction-unlikely/" rel="noopener noreferrer nofollow">India Budget 2024: Economic Survey Indicates Crypto Tax Reduction Unlikely</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

India Budget 2024: Economic Survey Indicates Crypto Tax Reduction Unlikely

Table of Contents

Coingape News Media

Other articles published on Jul 22, 2024

Real Bedford Football Club Boosts Bitcoin Holdings with $4.5M BTC Purchase

MoonBag Presale Defies Gravitation to Take Off as AAVE Set to Launch on Aptos Mainnet

Bitcoin (BTC) Investors Might Benefit From This Style of DCA, Analyst Says

40% Price Alert: BlockDAG’s Advisory Committee May Have Industry Giants Says Experts While AVAX &...

Bearish Bear Price vs. BNB Price July 2024: Why This Presale Could Be a Top Pick

Solana Shows Potential for Significant Price Increase

Join our free newsletter for daily crypto updates!