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Indian Government Generates Rs. 157.9 Crore from Direct Tax on Crypto Transactions
Mar, 30 2023
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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.
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Pramod Attarde
CBW - External Analyst
UNITED STATES
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