With consultations ongoing for the approaching India budget 2023-24, the newly formed Bharat Web3 Association has submitted its recommendation to lower the high crypto taxes introduced this year in April. As per media reports, the Association members are expected to meet Ministry officials or those of the CBDT soon.
Beginning this financial year, India had slapped 30% tax on both capital gains and losses incurred during trading with cryptocurrencies, along with a 1% TDS. This has had a crushing effect on the crypto exchanges and their trade volumes, which have seen a dramatic decline ever since. The Bharat Web3 Association (BWA) is a newly formed group, and as per media reports, has submitted recommendations to the Finance Ministry.
Bharat Web3 Association has members representing several players from the Indian blockchain and cryptocurrency industry – Web3 gaming, NFT, infrastructure services, and token projects. These include popular crypto exchanges such as CoinDCX and CoinSwitch Kuber, and Polygon, Hike, Tax Nodes, Liminal and Biconomy. Also present are Coinbase, WazirX, and ANQ Finance.
BWA wants to democratize Web3 knowledge, and is running the Buidl hub, a meeting, learning and support community. It also aims to “provide Education & Networking Opportunities to Bharat-wasis”.
As for the crypto taxes, a media report cites a BWA source highlighting concerns over the provisions of the tax, and asking for suitable changes that will ensure that the industry’s growth is not affected.
Sandeep Nailwal of Polygon in a media statement noted the mark that Indian entrepreneurs have made while creating public use cases and how the BWA aims to help India become a Web3 leader.
Another demand of BWA is for strong regulations and a focus on corporate governance post the FTX debacle.
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