As India's day of reckoning with the highly controversial 1% crypto tax deducted at source (TDS) has arrived, here's the latest breakdown of what's happening and how we got here. By amitoj
issued on June 30, the government announced that there is no need to pay 30% tax and 1% TDS on some NFTs and digital assets.
Mileage points, reward points or loyalty cards, without direct monetary consideration under an award, benefit, loyalty, incentive, rebate or promotional program have also been excluded. The same applies for subscriptions to websites or platforms or applications.Why the 1% TDS is controversialfrom India's crypto community. Their biggest bone of contention was the 1% TDS.
Over the next two months, representatives of the crypto industry met and pleaded with government representatives to at least take back this specific provision. On the other hand, India's finance minister Nirmala Sitharaman argued"that the government is taxing crypto because people are profiting from it," and that the goal is to"check the source and trail" without legitimizing crypto.
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