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India Maintains Controversial Crypto Tax Unchanged During Budget Presentation

By:W, Leah
Last updated:07/24/2024
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On July 23, India’s Finance Minister, Nirmala Sitharaman, presented the Union Budget for the fiscal year 2024-25, which notably upheld the current tax rate applicable to the cryptocurrency industry without specifically acknowledging or altering policies pertaining to digital assets.

India Crypto Tax Budget Overview & Community Feedback

The ambiguity surrounding policy directives towards digital assets has sown uncertainty among India’s cryptocurrency community, casting doubts on their future prospects.
The budget’s absence of a definitive stance on cryptocurrencies elicited diverse responses from key players within the nation’s burgeoning crypto ecosystem.
Despite outlining nine pillars for economic advancement, encompassing agriculture, employment enhancement, and fostering innovation, the budget announcement conspicuously omitted any mention of cryptocurrencies.
Notable highlights included the abolition of the angel tax on startup investors and the withdrawal of the 2% equalization levy, yet these positive strides failed to alleviate concerns within the crypto sector.
Prominent figures like Vijay Saran, a respected developer in the Indian crypto community, swiftly drew attention to the budget’s crypto silence, lamenting the “not even a single mention of Crypto.”
Sathvik Vishwanath, CEO of prominent exchange Unocoin, interpreted the government’s decision to maintain the status quo on crypto taxes as a hindrance to global innovation and investor sentiment, alleging it stifles progress.
India’s current crypto tax framework, unveiled in Finance Minister Sitharaman’s 2022 Budget speech, imposes a stringent 30% flat tax on crypto profits and levies a 1% Tax Deducted at Source (TDS) on transactions.  The crypto community is united in their call for a drastic reduction in TDS to 0.01%, citing its detrimental impact on the sector.
Globally, this taxation structure is viewed as one of the most stringent, and it has been directly linked to a precipitous decline in trading volumes across Indian exchanges.  A recent NASLAR report revealed a staggering 97% drop in trading volumes and an 81% reduction in active users since the implementation of these measures.

Furthermore, the report estimated that the national treasury has foregone approximately 59 billion Indian rupees ($700 million) in tax revenue due to the waning activity on the country’s leading crypto platforms.

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RBI’s Position on Cryptocurrencies and Regulatory Impact

Amidst Finance Minister Nirmala Sitharaman’s global crypto regulation gap warning, the Indian government remains vigilant about the perils of crypto trading within its borders.

Highlighting the potential for illicit activities to exploit regulatory disparities, Sitharaman underscores the importance of a cohesive global approach.

The Reserve Bank of India’s (RBI) cautious stance towards cryptocurrencies has significantly shaped government policy, exemplified by its 2018 ban on banks facilitating crypto transactions, though later overturned by the Supreme Court in 2020.
The stringent tax measures imposed have inadvertently hindered crypto adoption in India, as evidenced by a Delhi-based tech firm, Esya Centre’s, study.
The study reveals a capital exodus, with Indian investors diverting approximately $3.852 billion (INR 32,000 crore) worth of digital assets to overseas exchanges since the tax measures came into effect.
Esya Centre’s analysis warns that these strict regulations may backfire, diminishing tax revenues and complicating transaction tracking.  It advocates for policy reassessment, proposing to align the TDS with the current 0.1% tax on securities transactions.
Despite industry pleas, the RBI remains steadfast in cautioning users about the speculative and potentially macroeconomically risky nature of private digital currencies.
In contrast, the Securities and Exchange Board of India (SEBI) holds a contrasting view, proposing a collaborative framework to oversee crypto trading in India on May 16, standing in opposition to the RBI’s stance advocating for a stablecoin ban.

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