India's recent proposal for a 30% tax on crypto returns has sparked a mixed reaction. Will some level of recognition grow adoption or would the barrier to entry become too high?
The 30% crypto tax bracket is the highest in the country and nearly double the corporate tax rate of 16%. The announcement saw a mixed reaction from the crypto community in India, with exchanges calling it a welcome step toward some level of recognition of the unregulated crypto market, while many crypto traders called it regressive.
According to The Economic Times, industry leaders tried to explain that a 1% TDS could deter small traders and also lead to assets shifting to foreign exchanges. The representatives also outlined how difficult it would be to collect TDS on transactions from foreign exchanges with no data to track. The meeting’s discussions brought forward various challenges in implementing the tax without clear regulations.
“There have been some discussions regarding the 30% taxation figures, with some suggesting that it is a huge percentage bracket that may potentially deter greater innovation in the sector and serve as a barrier to investors and digital finance users.”
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