After the adoption of the new crypto tax law, the volume of trading on major Indian crypto exchanges has dropped. Info gathered by a Mumbai-based research organization Crebaco and a crypto data generator Nomics revealed this.
On April 1, the new tax law became effective. All profits from crypto trading in the nation will be liable to a 30% tax, as declared by Nirmala Sitharaman, Finance Minister of India. Moreover, no set-offs, deductions, or carryovers are allowed.
According to the tax legislation, users of crypto in India must also pay a 1% TDS on each transaction. The volumes of four Indian exchanges were compiled which showed a decline. #ReduceCryptoTax has been trending on Twitter in India for a while now. CEO of Crebaco Sidharth Sogani said that it was clear that the new tax has influenced the market negatively. He added that April 1, 2, and 3 were holidays and the volumes have continued to drop since then. He also said that the government must look into the matter and since there is no way to stop cryptocurrency, the government should accept the technology.Share & like