India crypto news: India’s finance minister Nirmala Sitaraman said the country aspires to build a unique world class digital public infrastructure. The minister also mentioned the usage of digital payments in implementing social welfare schemes. The country also plans to bring in modern technologies in agritech and other sectors. As a priority, the government is focusing on last mile delivery and innovation $ infrastructure.
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The government is also on the 5G development ecosystem. Also, the country’s financial sector regulators and organizations are to be encouraged to provide age-appropriate reading material. The budget presentation is yet to make any comment on the and the ecosystem in the country. In 2022, India rolled out one of the world’s harshest tax regime on trading of crypto assets. This led to transfer of operational and talent resources to other economies.
India’s Crypto Tax Regime
Currently, cryptocurrencies, in the bracket of Virtual Digital Assets (VDA), are subject to a 30% tax. The high tax on the assets can not be offset with losses made in trading other VDAs. Additionally, a 1% tax deductible at source (TDS) is levied on crypto trading of above Rs. 10,000, making it tough to sustain the volatility of crypto market. The economic survey of India 2023 report published recently highlighted the need for common crypto regulation. The government also acknowledged the role of crypto asset exchanges, wallet providers, and crypto conglomerates.
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