India's 1 % TDS on crypto transfers brings $ 19 million in 9 months

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Von: Krypto News Österreich

Die indischen Steuerbehörden sammelten bis zum 20. März Rs 158 crore (ca. 19 Millionen US-Dollar) in TDS für die Übertragung virtueller digitaler Vermögenswerte (VDA), sagte Staatsminister für Finanzen Pankaj Chaudhary am Dienstag vor dem Parlament. Da das Geschäftsjahr am 31. März endete, kann dies als endgültige Zahl für das gesamte Geschäftsjahr 2022-23 angesehen werden. 1 % TDS bei einem Schwellenwert von 125 $ Die indische Regierung hat Kryptotransaktionen durch das Budget für 2022-23 unter ein neues Steuersystem gestellt. Es sah 1 % TDS für VDA-Transfers vor, die Rs 10.000 (ca. $ 125) in einem Geschäftsjahr übersteigen. Außerdem wurden alle Gewinne aus VDA-Überweisungen …
The Indian tax authorities collected 158 Crore (approx. 19 million US dollars) to TDS for the transfer of virtual digital assets (VDA) until March 20, said Minister of State for Finance Pankaj Chaudhary on Tuesday before the parliament. Since the financial year ended on March 31, this can be seen as the final number for the entire 2022-23 financial year. 1% TDS with a threshold of $ 125 The Indian government has put crypto transactions through the budget for 2022-23 under a new tax system. It envisaged 1 % TDS for VDA transfers, the RS 10,000 (approx. $ 125) exceed in one financial year. In addition, all profits from VDA transfers were ... (Symbolbild/KNAT)

The Indian tax authorities collected 158 Crore (approx. 19 million US dollars) to TDS for the transfer of virtual digital assets (VDA), State Minister for Finance Pankaj Chaudhary said on Tuesday before the parliament.

Since the financial year ended on March 31, this can be seen as the final number for the entire 2022-23 financial year.

1% TDS with a threshold of $ 125

The Indian government has put crypto transactions through the budget for 2022-23 under a new tax system. It envisaged 1 % TDS for VDA transfers, the RS 10,000 (approx. $ 125) exceed in one financial year. In addition, all profits from VDA transfers with income tax of 30 % were proven.

The 1% TDS were deducted from July 1, 2023. In November, the Minister informed the Indian parliament that the TDS collection on VDAs was 60.46 billion rupees ($ 7.4 million) from July 1 to November 1 to November 1 to November 1 to November 1 to November 1. In view of the low tax revenue, the government was expected to loosen the tax rate and to bring it to between 0.05 % and 0.1 % according to the demand for the industry. But the authorities did not give such relief.

Regulatory vacuum

Then crypto transactions were placed under the law to prevent money laundering (PMLA). Surprisingly, industry representatives welcomed the decision because it brought a kind of clarity, a break with a complete regulatory vacuum.

Due to the high taxes and an enemy regulatory environment, India, which had an burgeoning crypto ecosystem, began to deduct the advantage of the neighboring and friendly jurisdiction such as the United Arab Emirates and Singapore.

According to a wetcom study, 60 % of the 450 web 3 startups of India outside the country are registered. The report also emphasized that thanks to its large talent pool, which is 11 % of the global market, India is also well positioned in order to advance the Web 3 transformation.

crypto acceptance grows

According to the latest statista data, India has 150 million crypto users. By the end of 2023, India's crypto acceptance rate could be higher than in the UK and the USA, and 11 % of the locals will have experimented with transactions for digital assets.

India was hosting the G20 Minister of Finance and Central Bank Gouvenurs' meeting last month, in which the discussion about cryptor regulations played an outstanding role. And it seems that the mighty economic block will have introduced a kind of regulation for the cryptocurrency sector by the end of 2023

.