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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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