WazirX says India will likely keep onerous crypto taxes until 2025
WazirX CEO Nischal Shetty thinks the much-needed tax relief on crypto transactions in India is still years away. In a recent interview, Shetty said the 1% tax deduction at source (TDS) on every crypto transaction will still be in place for at least another two years. “I don’t think we’ll see any immediate reduction in TDS since there have been no formal discussions between the industry and lawmakers specifically around it.” Nischal Shetty CoinDCX CEO Sumit Gupta claims they are in talks with the government to reduce TDS from 1% to 0.01%, but no timetable was provided. You might also like: Indian crypto exchange CoinDCX cuts staff amid bear market In April 2022, India approved a new rule that taxes 30% on digital currency holdings and transfers. The bill notes that traders should not offset losses against profits. The Indian government has also imposed a tax deduction at source of 1% on every buy or sell trade in an effort to keep track of the m...