Crypto trading volume drops in India as additional taxes hit investors

Crypto trading volume drops in India as additional taxes hit investors

Crypto trading volume drops in India as additional taxes hit investors


India’s government on July 1 implemented a 1% tax deducted at the source (TDS) on every cryptocurrency trade over 10,000 Indian rupees, or about $127. The law has only been in place a few days, but there’s already been a chilling effect on Indian digital asset marketplaces.
The levy is an addition to the 30% tax on all crypto-based incomes that began on April 1, which is double India’s 15% capital gains tax on short-term gains for traditional equities and shares.
The increasing taxation could serve as a further roadblock for citizens looking to trade crypto as the potential for financial gains dwindles.



India’s government on July 1 implemented a 1% tax deducted at the source (TDS) on every cryptocurrency trade over 10,000 Indian rupees, or about $127. The law has only been in place a few days, but there’s already been a chilling effect on Indian digital asset marketplaces.
The levy is an addition to the 30% tax on all crypto-based incomes that began on April 1, which is double India’s 15% capital gains tax on short-term gains for traditional equities and shares.
The increasing taxation could serve as a further roadblock for citizens looking to trade crypto as the potential for financial gains dwindles.

Source:https://techcrunch.com/2022/07/05/crypto-trading-volume-drops-in-india-as-additional-taxes-hit-investors/

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