Coin Edition -
- The community claims the taxes have limited growth within the sector in past years.
- Indian Web3 community takes to social media sites to demand changes to crypto taxes.
- Demands asked include a reduction to tax levies and the ability to carry over losses.
The Indian Web3 community has taken to social media to demand changes to the cryptocurrency tax levied within the country. The numerous campaigns that took place on social media demanded relief from crypto tax laws in the region.
Indeed, the recent agitations from the community highlight years of demands which the community claims haven’t yielded much result from the government. Per the recent agitations, experts in several crypto sectors complain that the taxes levied by the government have hindered growth in the ecosystem.
With the country’s finance minister, Nirmala Sitharaman, set out to read the budgetary provisions for 2024-2025 on February 1, the crypto community has taken to social media sites with the hashtag “#ReduceCryptoTax.”
Through social media, the cryptocurrency industry is putting forth three demands to the Indian government. These include the ability to carry over losses, such as those from equities, and variable tax slabs. Additionally, the community is also asking that TDS on cryptocurrency transactions be reduced from one percent to 0.01 percent.
This is the worst crypto taxation the world has ever seen 30% TAX 1% TDS NO LOSS SET OFF #reducecryptotax