India Keeps Controversial Crypto Tax Rules Unchanged, Finance Minister’s Budget Speech

India’s Finance Minister Nirmala Sitharaman introduced an interim budget on Feb. 1, 2024, before the nation’s elections between April and June.

On Tuesday she revealed a full budget for 2024-2025.

India’s Finance Minister Nirmala Sitharaman kept crypto tax rules unchanged in her address announcing the nation’s budget for 2024-2025 on Tuesday.

The primary demand from India’s crypto industry was to reduce the controversial tax-deducted-at-source (TDS) policy on crypto transactions from 1% to 0.01%. It made its representations to government officials with evidence from several sources, including a think tank study that provided evidence to support a reduction in the TDS.

The industry also asked the government to establish progressive taxes on gains instead of the flat 30% rate, and allowing losses to offset gains. They have also pushed for multi-agency regulation.

The budget is the first since Prime Minister Narendra Modi was elected for a third straight term. Modi’s Bharatiya Janata Party (BJP) failed to secure a majority in this year’s election, pushing them to form a coalition government, along with the limitations that come with it.

This budget is being seen as a roadmap for his vision for the next five years, one that would consider the sentiment reflected in the unexpected election results.

Read More: India Unlikely to See Crypto Tax Reduction in Tuesday’s Budget

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