certify
Home arrow Article arrow Article Detail

Indian Government Generates Rs. 157.9 Crore from Direct Tax on Crypto Transactions

Profile Image

Pramod Attarde Follow

UNITED STATES

Mar, 30 2023

Mar, 30 2023

likes | comments 0

Article Image

The Indian government's decision to include crypto transactions in the tax net has generated a revenue of Rs. 157.9 crore for the financial year 2022-23. The direct tax deduction at source from the transfer of VDA aggregates is a significant step towards taxation crypto transactions and demonstrates the legitimacy of crypto as an asset class.

In a recent development, the Indian government's decision to tax crypto transactions has resulted in direct tax deducted at source from the transfer of VDA aggregates, generating Rs. 157.9 crore for the financial year 2022-23.

The move to include crypto in the tax net has been a controversial one, with some critics calling it a fake or fraud. However, this news proves otherwise, showing that even in uncertain times, the government is finding ways to generate revenue.

The direct tax deduction at source from the transfer of VDA aggregates is just the beginning of what could be a major source of revenue for India. The government's decision to tax cryptocurrency transactions is a forward-thinking one that could pay off in the long term, given the likelihood of further crypto usage in the coming years.

This announcement shows the potential of cryptocurrency as a recognised asset class and emphasises the need for additional research and comprehension in this nascent industry. As India continues to negotiate the intricate realm of cryptocurrency taxation, it is evident that the stakes are high and the potential profits are even greater.


likes | comments 0

Profile Image

Pramod Attarde

CBW - External Analyst

UNITED STATES

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Robinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities

Following this week's accusations filed by the US Securities and Exchange Commission against two significant cryptocurrency exchanges, the brokerage business Robinhood has chosen to delist few firms;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.