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Industry wants government to cut tax and TDS on crypto trading – News

The crypto industry has appealed to the government to reduce the TDS on profits from crypto trading. The government wants to charge 1 percent TDS on profits made on crypto trading. The crypto industry wants it to be 0.01 or 0.05 percent. Industry experts say that levying 1 per cent TDS is not good for retail traders. This is going to harm them.

CoinDCX co-founder and CEO Sumit Gupta said that cryptocurrency The government is taking 30 percent tax on the income from But it is too much and it should be reduced.

Gupta said, “At the industry level, we are talking to the government. We have also submitted a presentation in this regard to the government. In the presentation we have explained how 30 percent tax and 1 percent TDS on crypto income. This is going to be detrimental to the crypto industry. It will lock up capital for traders and liquidity from the market. If there is no liquidity in the market, retail investors will suffer.”

In addition, he pointed out that CoinDCX is also talking to its investors on its platform about how to proceed with the new tax rules.

“We are trying our part to keep it simple and easy, but still we have to keep talking to the government on how TDS can be reduced to 0.01 or 0.05 per cent. Tax of 30 per cent on crypto income also. Too much, we are requesting the government to reduce it too.” Gupta said.

In the budget of 2022-23 crypto There has been a clear talk about the tax on property. From April 1, a 30 percent tax has been made on winning or similar transactions in horse racing, along with cess and surcharge. These include cryptocurrencies. In this budget, TDS of 1 percent is also proposed on transactions done on virtual currency above 10,000 within a year. The provision of TDS will be applicable from July 1. Whereas tax has already been implemented on profits from crypto.

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