India collected a total of ₹706 crore in crypto income tax over the last two financial years. -FY2022–23: ₹269 crore -FY2023–24: ₹437 crore But here’s the BIG problem. TDS India lost to offshore exchanges: -FY22–23: ~₹3,493 Cr -FY23–24: ~₹2,634 Cr (Data from from Esya Centre's Report) Due to high 1% TDS + 30% capital gains, millions of Indians now trade in offshore exchanges and stay non-compliant. What can fix this? -Eliminate the 1% TDS on crypto trades: Domestic trading and compliance would rebound. -Lower the 30% capital gains tax: Will encourage more investors to invest for the long term & in higher volumes Lower taxes = higher compliance, more volumes, and far greater revenues for India’s web3 future! I believe these simple reforms alone could 10× India's crypto tax collections to over ₹5,000 crore per year. By making just a few key changes, we can bring trading volumes back to India and make India a global leader in crypto!
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