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Impact of India's Unchanged TDS Policy on Crypto Industry

India’s finance minister, Nirmala Sitharaman, recently unveiled the budget announcement, which notably lacked any modifications to the contentious tax deducted at source (TDS) policy that has been significantly affecting the crypto industry. Despite the fervent lobbying from the domestic crypto sector and a think tank advocating for a reduction in TDS, the budget did not meet the expectations of those hoping for a change in the policy. The current 1% TDS levy has prompted numerous crypto traders to shift their transactions offshore, potentially depriving the government of substantial revenue. This decision, or rather lack thereof, has sparked concerns and discussions within the industry regarding its implications and the future trajectory of crypto trading in India.
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