The upcoming Union Budget for 2024 has led India’s cryptocurrency industry to anticipate key changes that could impact the sector’s growth. Nischal Shetty, the co-founder of crypto exchange WazirX and Layer 1 blockchain Shardeum, highlighted the need for adjustments in taxation rules.
He stated, “The crypto industry looks forward to the Union Budget helping the crypto sector’s growth and user adoption.” One of the main concerns raised by Shetty and others in the industry was the high Tax Deducted at Source (TDS) rate of 1%.
“We propose a reduction of the TDS to 0.01%, which will help compete with the rest of the world and at the same time ensure that digital assets trading operations are done within the Indian jurisdiction,” Shetty added.
Indian sector is competing
Shetty emphasized that the high TDS rate puts India at a disadvantage compared to other countries like the United States and the European Union. The Indian leader believes that lowering the TDS rate would no
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