New Delhi: In Budget 2022, the Government had announced its decision to impose 1% TDS on all crypto\/virtual digital asset transfers. On Tuesday (March 8), Finance Minister Nirmala Sitharaman said the government is seeking a possibility of revenue in crypto.<\/p>\n
The announcement was made not only on the 1% TDS on crypto transfers, but the government also announced a flat 30% tax on profit from crypto transactions.<\/p>\n
About TDS on crypto trading<\/p>\n
Nischal Shetty, founder of WazirX founder said that 1 per cent TDS on crypto trading will result in huge loss of tax revenue for the Government.<\/p>\n
According to his calculations 1% TDS on Crypto trading shows:<\/p>\n
1. The trading volume will go down.<\/p>\n
2. The profits on trading will also go down.<\/p>\n
3. Also, a large number of TDS refunds will need to be processed.<\/p>\n
4. Meanwhile, the govt will have to face massive income tax loss.<\/p>\n
He further said that the solution to this \u201close-lose situation\u201d for both crypto traders and Government is 0.1% TDS, which means $100M in TDS.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi: In Budget 2022, the Government had announced its decision to impose 1% TDS on all crypto\/virtual digital asset transfers. On Tuesday (March 8), Finance Minister Nirmala Sitharaman said the government is seeking a possibility of revenue in crypto. The announcement was made not only on the 1% TDS on crypto transfers, but the […]<\/p>\n","protected":false},"author":1,"featured_media":8728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-8727","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/8727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8727"}],"version-history":[{"count":1,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/8727\/revisions"}],"predecessor-version":[{"id":8729,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/8727\/revisions\/8729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/8728"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}