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Indian Crypto Industry eyes some relaxation in the Budget

Dear Readers,

The Indian budget for 2023-2024 is to be presented in the Parliament on 1st February 2023 by the Finance Minister Mrs. Niramala Seetharaman.

This budget will be the full budget for the current Government. Next year they will be presenting an interim budget and after that the elections will happen.


So, all the eyes are on to the Indian budget 2023-2024!

There was a hectic blow for the crypto world in the last budget as the virtual digital assets taxed at 30% and every transaction was levied with 1% TDS. 

The Governor of Indian Central Bank- Reserve Bank of India often expressed for a blanket ban for Cryptos in India and he has said that there are no underlying value of the Crypto coins and compared the value not even a Tulip Flower in the Netherlands context. 

As with the current taxation structures, Esya Centre- A technology policy think tank based in the Indian Capital New Delhi says in a report that the crypto investments worth USD 3.8 billion USD have been moved from the Indian Exchanges to the Foreign Exchanges between February 2022- October 2022 alone which cost a revenue loss to the Government and there is an increased concern over the data privacy etc., 

Various efforts have been taken by the Crypto Industries and associations and represented with the Finance Ministry Officials to review this. 

The crypto industry expects to reduce the tax for the Crypto Taxation and a relief from the 1% TDS for the Crypto Transactions. 

As India is currently heading the G20 Presidential ship and several occasions in the past both the Prime Minister Mr. Narendra Modi and the Finance Minister, Mrs. Nirmala Seetharaman said there would be global co-ordinated efforts needed for the crypto regulations and it is ideal time that India would take a lead in this and make a agenda in the G20 meetings. 

Let's wait two more days from now to know how the Indian Government would handle the Crypto Assets!


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