After the new rules subjected income from cryptocurrency exchanges to a flat tax rate of 30%, India revealed that it earned more than $19.2 million in taxes.
According to him Union Ministry of FinanceFor the fiscal year ended March 20, 2023, the tax charged at source on payments made through transfer of virtual digital assets was $19.2 million.
India’s Strongest Crypto Tax Collection
During the Union Budget 2022-2023, the Finance Minister, Nirmala Siddarman, proposed to levy 1% TDS on cryptocurrency transactions. This is in addition to the 30% tax on the proceeds of these transfers.
The 30% tax law in India came into force on 1st April Under Section 194S of the Income Tax Act, 1961, and TDS tax was implemented in July 2022.
The total direct tax collection of the government is Rs 157.9 crores (~$19.2 million) Until March 20. When asked about the details of the tax revenue coming to the government from cryptocurrencies, the ministry released the numbers.
Web 3.0 is planned ahead for India
A A recent event, the Information Technology Minister of India, Rajeev Chandrasekhar, said India does not want to stifle innovation. However, it prioritized safeguarding security and intelligence objectives while ensuring ease of business and life.
Regarding cryptocurrencies, the official said: “I don’t think we’re uncomfortable with anything.” Chandrasekhar added:
“I want to be very clear on that, our approach or our response to a sector is not based on comfort, discomfort, but harm, legality, illegality. That is the prism through which we look at the areas that we need to focus on, legislate”.
Chandrasekhar emphasized that the Government of India has a very different position In all things related to the Internet, including Internet 3.0 and blockchain. He said the government is very encouraging of any innovation.
On the other hand, the minister said: “We have no problem Blockchain. But the RBI’s case is that cryptocurrencies pose a macroeconomic risk.
Crypto ‘Not Illegal if Regulated’ in India
India’s central bank has often highlighted potential risks to financial stability Introducing cryptocurrenciesWhen prescribing a blanket ban on an asset class.
Chandrasekhar had earlier said there was no problem Cryptocurrencies can be traded in India if all the rules are followed. He clarified that buying cryptocurrency through reputable means is not illegal. Standing his ground, he said governments are cautious given the current market uncertainty.
The IT minister said: “We shouldn’t rush to say that crypto is perfect and crypto is good just because it looks like something new and trendy.”
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