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India Raked In Over $19.2M in Crypto Tax in the 2023 Fiscal Year

According to the Union Finance Ministry, tax collected at source on payments made upon the transfer of virtual digital assets totaled $19.2 million for the fiscal year up to March 20, 2023.

During the Union Budget 2022–2023, Finance Minister Nirmala Sitharman proposed imposing 1% TDS on cryptocurrency transactions. This was in addition to a 30% tax on the income from these transfers.

The 30% tax legislation went into effect in India on April 1 under section 194S of the Income Tax Act of 1961, and the TDS levy was implemented in July 2022.

The government’s direct tax collections aggregated to Rs 157.9 crore (~$19.2 million) up to March 20. When questioned about the specifics of the government’s tax revenue from cryptocurrencies, the ministry revealed the numbers.

(By Shraddha Sharma)

Related News:

India Asks State-Run Banks to Conduct More Robust Stress Tests

India to Have Over 150 Million Crypto Users by the End of 2023? (Study)

India and UAE To Collaborate on CBDC Development

India Asks IMF and FSB for Joint Paper To Help Formulate ‘Comprehensive’ Crypto Policy

India Keeps Restrictive Crypto Tax Rules In 2023 Budget

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