Raghav Chadha, a Member of Parliament, acknowledges the struggles faced by the Indian crypto community due to the hefty 30% tax and 1% TDS imposed on cryptocurrency trading. He plans to bring this issue to light in the upcoming parliamentary session, hoping to inspire change.
The stringent tax policy has driven many investors to seek offshore platforms, negatively impacting India’s potential crypto revenue. The lack of clear regulations further suppresses innovation in blockchain technologies. A reformation of these policies is expected to invigorate domestic market conditions.
Crypto advocates propose reducing the TDS rate and implementing a progressive tax structure to differentiate between long-term investments and frequent trading. Raghav Chadha’s proactive stance may drive essential dialogues in Parliament, fostering a more supportive regulatory environment for cryptocurrency.