An Indian parliament member has warned that imposing a 1% TDS on every crypto transaction will kill the new asset class. cryptocurrency bitcoin $BTC
This tax provision is contained in Finance Bill 2022 which Lok Sabha, the lower house of India’s parliament, has passed. However, India’s finance minister insists that the TDS on crypto transactions is for tracking purposes.Lok Sabha, India’s lower house of parliament, passed Finance Bill 2022 Friday which includes a proposal to tax crypto income at 30% and impose a 1% tax deducted at source on every crypto transaction.
When you impose a 1% TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young. She said in parliament Friday: “TDS is more for tracking. It is not an additional tax and not a new tax.” The finance ministerIt is a tax that will help people track it, but at the same time the taxpayer can always reconcile it with the total tax to be paid to the government.