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During the Union budget, finance minister Nirmala Sitharaman did not provide any clarity for the crypto world regarding regulations. This was after the newly-formed advocacy body Bharat Web3 Association had sought regulatory tightening of offshore exchanges and highlighted the demand for rationalisation of taxes.
The 1% TDS on virtual digital assets, introduced from July 1, 2022, has led to an exodus of users, funds and trades to offshore platforms, finds a study by Delhi-based think-tank Esya Centre.
TDS deduction on cryptos depends on your mode and medium of transaction.
A 1 per cent TDS on virtual digital assets transactions comes into play from today, but a notification gave a list of exceptions.
An Indian ministerial panel will meet next week to discuss a goods and services tax on cryptocurrency transactions, people with knowledge on the matter said.