Indian Web3 Community Hit Government With Crypto Taxes Demands

• The community claims the taxes have limited growth within the sector in past years.
• Indian Web3 community takes to social media sites to demand changes to crypto taxes.
• Demands asked include a reduction to tax levies and the ability to carry over losses.

The Indian Web3 community has taken to social media to demand changes to the cryptocurrency tax levied within the country. The numerous campaigns that took place on social media demanded relief from crypto tax laws in the region. 

Indeed, the recent agitations from the community highlight years of demands which the community claims haven’t yielded much result from the government. Per the recent agitations, experts in several crypto sectors complain that the taxes levied by the government have hindered growth in the ecosystem. 

With the country’s finance minister, Nirmala Sitharaman, set out to read the budgetary provisions for 2024-2025 on February 1, the crypto community has taken to social media sites with the hashtag “#ReduceCryptoTax.”

Through social media, the cryptocurrency industry is putting forth three demands to the Indian government. These include the ability to carry over losses, such as those from equities, and variable tax slabs. Additionally, the community is also asking that TDS on cryptocurrency transactions be reduced from one percent to 0.01 percent.

The CEO of the Indian cryptocurrency exchange Unocoin, Sathvik Vishwanath, recently pointed out in a tweet that the tax pressure on the cryptocurrency community has been crippling them for 724 days. 

Vishwanath stated that “the regulators and policymakers need to make sure that the local rules and policies from time to time balances between innovation, taxation, and future global prospect” in an effort to regulate the industry reasonably.

As of this writing, India’s social media scene is overwhelmingly supporting the #ReduceCryptoTax movement. Numerous images of Indian residents holding signs with the hashtag #ReduceCryptoTax are doing the rounds on the internet. 

Videos of people complaining that India’s tax regulations have stolen the simplicity of conducting business in the cryptocurrency space have garnered several views. In contrast to the restrictive crypto taxes, the community claims a more welcoming and alternative approach may bring in significant wealth for the nation.