• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home General News

Indian Crypto Association Requests Relief from Heavy Taxes

Hania by Hania
December 5, 2022
in General News, Bitcoin News
Reading Time: 4 mins read
A A
0
"India Leads The Global Crypto Adoption with 53% Of Users In 2023"
Tweet

In Brief:

  • You May Also Like:
  • Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures
  • Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

The crypto advocacy team has been working to secure concessions from unfavourable taxation as budget consultations are taking place.

A well-known cryptocurrency trade organisation has raised high taxes and regulatory uncertainty in India, Bharat Web3 Association (BWA), in a draft of concerns and recommendations it has sent to the Indian Finance Ministry, which is holding consultations ahead of the budget for 2023–24.

Next week, a meeting between BWA members and representatives of the Indian finance ministry is anticipated, particularly with those from the Central Board of Direct Taxes (CBDT).

Increased Taxes Affect Growth

You May Also Like:

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

June 2, 2023
Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023

According to media sources, BWA, which counts Coinbase, CoinDCX, CoinSwitch Kuber, and Polygon as many of its founding members, has claimed that unfriendly tax policies are hampering the expansion of the cryptocurrency industry in India.

A BWA representative told Business Standard that the organization’s goal is to “highlight the impact of the existing tax provisions, such as TDS, tax on income from VDAs, and not allowing carrying forward of losses on the wider industry and share its inputs on suitable amendments which can help address the government’s concerns while also allowing growth of this sector.”

Indian Crypto Association Requests Relief from Heavy Taxes

In the budget for 2022–2023, the Finance Ministry introduced a 30% capital gains tax and a 1% transaction tax deduction at source (TDS).

It also stated clearly that earnings from cryptocurrency transactions would not be permitted to be carried forward and used to offset losses.

These restrictive actions severely impacted the cryptocurrency market, and Indian cryptocurrency exchanges saw a decline in trading volume of up to 90%.

Although TDS returns may be claimed, traders do not believe that having their capital frozen is profitable. Representatives of the cryptocurrency sector have pushed for a reduction of 0.1%.

Stronger Regulations Are Needed

In light of the FTX incident, the crypto advocacy group also requested that the Finance Ministry draft strict laws for the industry. According to BWA, the government is being consulted to ensure the establishment of a strong regulatory and compliance framework.

The group also stated that a lack of corporate governance, which is also present in traditional finance, is responsible for FTX’s collapse. Although dealing with it requires a lot of effort from cryptocurrency firms, the issue can be helped by a robust regulatory framework, it stated.

Tags: crypto newscrypto regulationsIndia
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures
Crypto Exchanges

Coinbase Derivatives Exchange Is Set To Introduce Bitcoin And Ethereum Futures

June 2, 2023
Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
General News

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore
General News

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023
Crypto Investments You Should Avoid in June 2023
Bitcoin News

Crypto Investments You Should Avoid in June 2023

May 30, 2023
Binance Australia Selling Bitcoin $5K Cheaper As Fiat Ramp Closes
Bitcoin News

Binance Australia Selling Bitcoin $5K Cheaper As Fiat Ramp Closes

May 30, 2023
Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam
General News

Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam

May 29, 2023
Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether
Ethereum

Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether

May 29, 2023
South Korean Politicians Now Required to Declare Bitcoin Holdings
Regulation

South Korean Politicians Now Required to Declare Bitcoin Holdings

May 26, 2023
Binance Will Stop Crypto Services In Japan From November 30
Bitcoin News

Binance Freezes $4.4 Million Cryptocurrency Linked To North Korean Hackers

May 25, 2023
Load More
  • Trending
  • Comments
  • Latest
idmining cloud mining

The New Era of Passive Income Brings Another Amazing Opportunity To Make Money With IDMining

May 5, 2023
Passive Income HappyMiner

Earn Passive Income Cloud Mining With HappyMiner – A Quick Guide!

May 8, 2023
Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

May 19, 2023
76 Cryptocurrencies Are Now Prohibited, Beware!

76 Cryptocurrencies Are Now Prohibited, Beware!

May 11, 2023
Sparklo (SPRK) Top Profitable Investments

Rising Market Reputation for Sparklo (SPRK) While Dogecoin (DOGE) And Solana (SOL) Witness Varying Price Trends

June 5, 2023
Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

June 5, 2023
Atomic Wallet Hacked, Users Lost Entire Portfolios

Atomic Wallet Hacked, Users Lost Entire Portfolios

June 5, 2023
sparklo finanace presale

Sparklo (SPRK) Presale Advances As Litecoin (LTC) Prices Explode

June 4, 2023
ADVERTISEMENT
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In