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Bharat Web3 Association has raised concerns over regulatory uncertainty as well as high taxes in its draft concerns and recommendations to the finance ministry. The Treasury is in consultations on the 2023-2024 budget.
Representatives of the Bharat Web3 Association (BWA) and the Ministry of Finance, especially the Central Committee of Direct Taxes have scheduled a meeting for next week.
The Ministry of Finance introduced a 30% capital gains tax and a 1% tax deduction (TDS) in the 2022-23 tax budget as it clarified that profits from crypto trading are not allowed to be carried forward and offset against losses.
Members of the Bharat Web3 Association, including CoinBase, CoinDCX, CoinSwitch Kuber, Polygon, and others, have stated that strict tax policies are hurting the development of the country’s crypto industry
After the introduction of tax rules in the cryptocurrency space, the volume of cryptocurrency transactions in India dropped by about 90%. Representatives of the crypto industry demanded that the TDS be lowered to 0.1%.
In light of events such as the recent FTX debacle, the BWA has asked the Ministry of Finance to step up oversight. The association added that the collapse of FTX was also the result of a lack of corporate governance in the traditional financial sector.