As a long-term crypto investor and tech enthusiast based in India, I have closely followed the developments in the crypto space in our country with great interest. The anticipation surrounding the India Budget 2024 has been palpable within the community, especially regarding the potential reduction of the high TDS (Tax Deducted at Source) on Virtual Digital Assets (VDAs).
The highly anticipated India Budget 2024 is slated for presentation tomorrow, sparking widespread interest and debate across the country. In related news, the Indian Finance Minister, Nirmala Sitharaman, presented the Economic Survey today. However, the crypto community’s expectations appear unmet as no indications have emerged suggesting a reduction in crypto taxes.
Significantly, the Economic Survey forecasts a real GDP growth rate between 6.5 and 7 percent. Additionally, the RBI expects inflation to reach 4.5 percent in fiscal year 2024-25 and further decrease to 4.1 percent in fiscal year 2025-26.
India Budget 2024: Crypto Tax to Remain Same?
The uncertainty surrounding the cryptocurrency sector in India persists, largely due to the high tax deducted at source (TDS) on Virtual Digital Assets (VDAs). This taxation rule negatively affects market engagement across the country, with the public hopeful for potential relief in the upcoming Indian Budget 2024.
The community had been expecting a reduction of the TDS from 1% to 0.01%, but there was no indication of this topic being addressed during today’s economic survey discussion.
Despite India’s ambition to progress under the “Viksit Bharat” initiative outlined in the 2024 India Budget, signifying the evolution of India, its position regarding cryptocurrencies remains unchanged. However, based on the Survey, Chief Economic Advisor V. Anantha Nageswaran has suggested potential advancements in artificial intelligence and related integrations in the forthcoming budget.
Expectations With The Upcoming Budget
Despite this, the country remains excited for the unveiling of the initial Indian budget by the recently sworn-in NDA administration under the leadership of Prime Minister Narendra Modi. Furthermore, there are several anticipations regarding India Budget 2024: for instance, decreasing the current tax rate of 30% on crypto profits and eliminating taxes on yield farming, staking, and lending within the digital assets sector.
It’s intriguing how recent developments in the crypto world may influence the Indian government’s stance on implementing suitable regulations for this asset class. The latest hack on the WazirX exchange has fueled widespread debate and discussion across the country.
While some well-known cryptocurrency exchanges, such as Binance and KuCoin, have gained compliance with the Financial Intelligence Unit (FIU) this year, the risks associated with this financial technology remain. However, the growing interest in India is a significant factor that the government should take into account.
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2024-07-22 16:20