Crypto trading volume in India will decrease as additional taxes hurt investors-TechCrunch

On July 1, the Government of India imposed a 1% tax deducted at Source (TDS) on all cryptocurrency transactions above 10,000 Indian Rupees (about $ 127). The law has only been in force for a few days, but India’s digital asset market is already chilling.

Taxation is an addition to 30% tax For all crypto-based income that began on April 1, this is twice India’s 15% capital gains tax on traditional equities and short-term gains on equities.

Tax increases can be a further obstacle for citizens trying to trade cryptocurrencies as the potential for monetary gains diminishes.

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