The senior leadership of Indian crypto exchanges held a meeting with finance ministry officials to convince them to reconsider certain aspects of the crypto taxation policy. By amitoj
Representatives of India’s cryptocurrency industry met with senior policymakers at the finance ministry in a bid to make them reconsider some aspects of the new crypto taxation policy.
The framework is being created to convince the government to exclude the 1% TDS clause from the finance bill, said sources familiar with the work. “The Finance Ministry is open to talks and has asked for a formal proposal,” said a source familiar with the matter. “So, we will have to wait for parliamentary proceedings and discussions to see whether the government will reconsider. If not, the trading industry will be severely impacted. An alternate mechanism to collect transactional data must be explored with marketplaces/exchanges. The 1% TDS provision poses practical difficulties in implementation and an onerous compliance burden. It could severely dent investing and trading activity in India,” Bhasin said.
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