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Trading volume on India’s leading bitcoin exchanges fell sharply on July 1, according to Nomics. This was because a 30% tax on profits from cryptocurrency transactions and a
Trading volume on India’s leading bitcoin exchanges fell sharply on July 1, according to Nomics. This was because a 30% tax on profits from cryptocurrency transactions and a 1% fee were introduced. TDS.
During the day, the indicator on the WazirX exchange fell 63% (from $14.53 million to $5.36 million), while on the CoinDCX exchange it fell 20% (from $2.62 million to $2.09 million).
In April 2022, it was decided to tighten the tax burden. The fee under TDS is charged on transactions exceeding Rs 10,000 ($127) or total volumes exceeding Rs 50,000 ($661.8) for the reporting period.
Later, the media informed about possible additional steps that could be taken in this direction.
Recall that in May the Computer Response Team issued a directive requiring crypto exchanges to retain customer data for five years. That’s why the authorities plan to eliminate the facts of tax evasion.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
