Cryptocurrency (non-fungible and NFT token) firms in India, which have seen a slump in fortunes after the government imposed taxes on the industry last year followed by the global market crash, are hoping for a helping hand from this year's Union Budget.
Companies like CoinSwitch and ZebPay are hoping that TDS (tax deducted at source) on crypto will be revised in the upcoming budget. NFT firms like Rario said drawing a distinction between cryptocurrencies and collectibles may help the industry.
"India should incentivize users to stay within the national jurisdiction by reducing the burden of taxes. If the TDS aims to establish a trail of crypto transactions, it can be achieved by a lower TDS rate of 0.1%," said Ashish Singhal, CEO & co-founder of CoinSwitch, a crypto exchange.
Last April, the government imposed a 30% tax on income from crypto transactions. This was followed by an additional 1% TDS in July on the sale or transfer of digital assets.
Diese Geschichte stammt aus der January 14, 2023-Ausgabe von Mint Mumbai.
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Diese Geschichte stammt aus der January 14, 2023-Ausgabe von Mint Mumbai.
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