While no major relief in tax rates is under consideration, exemption from crypto taxes may be granted to healthcare businesses using blockchain technology.
The Indian government is planning to issue a set of crypto-related rules before July 1 after making some improvements to the scope and definition of VDA for effective tax administration of virtual digital assets (VDA) The Central Board of Director Taxes (CBDT) has been asked to prepare the crypto-related rules.
“This is an evolving discussion. We would like to ensure that virtual digital assets include any and every product that is introduced due to technological innovation. We may also exempt certain products,” Business TV Today quoted an unnamed Finance Ministry official as saying.
The government is unlikely to reduce the 1% tax deduction at source (TDS) that applies to virtually all digital asset transfers. It thinks that the TDS will help trace and track people in the crypto trade who may be making profiles but are unwilling to show them in their income tax fillings.
CoinSwitch Kubar CEO Sumit Gupta had requested the government to bring down the TDS is the range of 0.1% to 0.05%
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