India Crypto Ecosystem Shut Down with No Tax Reduction

India crypto news: On Wednesday, Nirmala Sitharaman, India’s finance minister, presented the budget for 2023 to the Parliament. There was no mention of tax relief or plans for cryptocurrency trading in the country. This is despite low hopes for lowering crypto taxes, but the crypto community was optimistic about the future. The government announced plans to launch a national financial registry in the country.
Also read: India takes a cautious approach to crypto after the FTX crisis


India has one of the most restrictive tax policies in the world for trading cryptocurrencies, having introduced crypto taxes in the past financial year. The crypto assets are classified as Virtual Digital Assets (VDA) and are subject to the highest tax slab of 30%. This bracket is the same as the 30% tax levied in the country on the gambling industry. A 1% tax deductible (TDS), is applied to VDA trading above Rs 10,000.


The need for common regulation of crypto was highlighted by the Indian government in the economic survey of India 2023. The government recognized the importance of crypto asset exchanges, wallet provider, and crypto conglomerates within the crypto ecosystem.
Also read: Budget 2023 India – Top 5 Cryptocurrencies to Watch for 10x Growth
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