India’s Finance Minister: Controversial Crypto Tax Rules Remain Unchanged

BlockBeats news, July 23, according to CoinDesk, Indian Finance Minister Nirmala Sitharaman said on Tuesday in a speech announcing the 2024-2025 national budget that cryptocurrency tax rules remain unchanged. The main demand of the Indian crypto industry is to reduce the controversial crypto transaction tax deduction (TDS) policy from 1% to 0.01%, and presented evidence from multiple sources to government officials, including a think tank study.

The industry also asked the government to impose a progressive tax on gains instead of a fixed rate of 30%, and allow losses to offset gains. In addition, it also tried to promote multi-agency supervision.