India's Most Controversial Crypto Tax Is Here
The country's 1% TDS has created negative market sentiment and added to the woes of the crypto community. India's crypto community has been lately concerned with the provision of India's next controversial crypto tax regime – the 1% tax deducted at source (TDS) – to take effect for over three months. The crypto tax starts to be levied today anytime an Indian buys or sells crypto. The tax has become effective Friday, July 1, setting the stage for a test – a predicted negative impact on crypto adoption and the market. Calculating the impact of the tax will be a wait-and-watch game at a time when the global investment community is facing a slowdown. What's the tax? The 1% TDS liability is the second major provision of India’s recently introduced crypto tax law. Another provision, which enforces a 30% capital gains tax on all transactions, took effect on April 1. TDS is a liability imposed on the exchanges that deposit taxes on behalf of sellers on their platform. It will...