India Maintains 1% TDS on Crypto Transactions

IconCryptoNewsTerminal Staff23 Jul, 2024

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India Maintains 1% TDS on Crypto Transactions

As previously reported, the Indian crypto industry had been lobbying for a reduction in the 1% TDS levied on crypto transactions. The industry had argued that the high TDS rate was stifling the growth of the crypto market in India. However, Finance Minister Nirmala Sitharaman made no changes to the crypto tax rules in her Union Budget 2024-2025 speech. This means that the 1% TDS on crypto transactions will remain in place for the foreseeable future. The decision to maintain the 1% TDS rate has been met with mixed reactions from the Indian crypto community. Some industry experts believe that the high TDS rate will continue to hinder the growth of the crypto market in India. Others, however, believe that the government is taking a cautious approach to crypto regulation and that the TDS rate will be reduced in the future as the market matures.

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