India Keeps Stiff Taxes on Crypto as Interim-Budget Is Revealed in Election Year
Summary
India's finance minister did not change the controversial tax deducted at source (TDS) policy affecting the crypto industry in the recent budget announcement. The budget had low expectations due to the upcoming general elections. The TDS remains at 1%, prompting many traders to move transactions offshore, costing the government potential revenue. Despite industry efforts, the TDS has not been reduced in the past two years. Offshore exchange actions brought crypto activity back to Indian exchanges.
