India’s plan to deduct a 1% tax at source (TDS) on every cryptocurrency transaction will cost the government a lot, Nischal Shetty, founder of Indian cryptocurrency exchange WazirX, said on Wednesday.
Shetty believes that by bringing in 1% of TDS for cryptocurrency transactions, more revenue is expected, but the actual profits will be much lower due to the higher annual tax refund.
According to Shetty’s calculations, he advocates a 0.1 percent TDS, which would boost government revenue by lowering tax rebates and easing the burden on traders. As previously reported, the Indian government announced in February a 30% tax on crypto income and 1% TDS per transaction.
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