- CoinDCX CEO, Sumit Gupta, lobbies for a massive reduction in TDS from 1% to 0.01%.
- Last year’s imposition of the 1% TDS led to a plummet in trading volumes at crypto exchanges.
- Hope for a friendlier crypto tax regime in India, but possibly two years away.
India’s cryptocurrency industry has been under considerable strain since the introduction of the 1% Tax Deducted at Source (TDS) on crypto transactions. This levy, while aimed at streamlining the rapidly growing sector, inadvertently crippled trading volumes. Notably, market makers and high-frequency investors, integral cogs in the trading machinery, scaled back their operations, citing escalated costs.
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Responding to the downturn and voicing the concerns of many, CoinDCX’s CEO, Sumit Gupta, has taken a proactive stance. Gupta revealed that CoinDCX is ardently lobbying with the Indian government for a dramatic cut in the TDS — from the current 1% to a more manageable 0.01%. Such a move, he believes, would significantly ease the burden on investors and stimulate trading activities.
However, even as dialogues continue and the crypto community remains hopeful, a transition to a more lenient crypto tax regime might be on a slightly elongated timeline. Gupta anticipates that it could be another two years before the industry witnesses such a change.
For India’s crypto enthusiasts, this represents a waiting game. But with stalwarts like Gupta championing their cause, there is a glimmer of hope that the market will eventually rebound, buoyed by supportive regulatory measures.
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