Market News- TDS pulls in Rs 157.9 crores for the Indian government.
- Still crypto assets are unregulated in India.
India, until March 2023 for the financial year 2022–23, a total of Rs. 157.9 crore has been collected in direct tax or deducted at source (TDS) on payments made upon transfer of virtual digital assets (VDAs) and cryptocurrencies.
Cryptocurrencies and other VDAs are entitled to 1% TDS, which went into effect on July 1, 2022. Also, Indian Finance Minister Nirmala Sitharaman initiated a 30% tax on virtual assets, such as cryptocurrency and non-fungible tokens, or NFTs. Since then, tax deducted at source on VDAs has collected in direct taxes totaling Rs. 157.9 crore for the government. Pankaj Chaudhary, the Union Minister of State for Finance, made this claim in a written response to a question during Tuesday’s Rajya Sabha session.
However, cryptocurrency assets are unregulated in the country. But cryptocurrency transactions are still subject to the rules of other laws, such as the Prevention of Money Laundering Act of 2002 and the Income Tax Act of 1961.
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Source: https://thenewscrypto.com/india-collects-rs-158-crores-via-tds-on-crypto-transactions/