India Keeps Controversial Crypto Tax Rules Unchanged, Finance Minister's Budget Speech
Summary
India's Finance Minister Nirmala Sitharaman did not change crypto tax rules in the 2024-2025 budget announcement. The crypto industry in India had requested a reduction in the tax-deducted-at-source (TDS) policy on crypto transactions from 1% to 0.01%. They also proposed progressive taxes on gains instead of a flat 30% rate and the ability to offset losses against gains. Additionally, they advocated for multi-agency regulation. This budget is the first since Prime Minister Narendra Modi was elected for a third term, and his party, the Bharatiya Janata Party (BJP), formed a coalition government after failing to secure a majority in the election. The budget is viewed as a roadmap for Modi's vision for the next five years.
