India's crypto tax policy is set to become law. With a 30% tax amongst the complicated measures, does it risk killing the country's thriving industry?
Indian crypto tax policy has become the hottest topic for Indian crypto traders and exchange operators as it is set to become law on March 24 and will come into effect starting on April 1.
“Treating profits and losses of each market pair separately will discourage crypto participation and throttle the industry’s growth. It’s very unfortunate, and we urge the government to reconsider this.” Akash Girimath, a crypto trader and technical analyst, told Cointelegraph that a 30% tax bracket might not be that bad of a thing, given the crypto market is still volatile and prone to scams. He said a high tax barrier would help discourage “unbeknownst investors from diving headfirst into cryptocurrencies.”
Grimath said that from a trader’s standpoint, the 30% tax isn’t as scary as the 1% TDS. He stated that if the TDS is levied on crypto transactions, it will be a massive blow to traders. But, if it is applicable only at on/off-ramps, then it will make life much easier for crypto traders.
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