INSUBCONTINENT EXCLUSIVE:
India with nearly 1.4 billion people is one of the world's fastest-growing markets for crypto tradingNew Delhi: The Lok Sabha today approved
the Finance Bill, which gives effect to new taxation on transactions involving digital assets
The bill proposes a 30 per cent tax on capital gains out of virtual digital assets
Once passed into law, a 1 per cent TDS would also be imposed on every such transaction
digital assets, and asserted there should be clarity on the definition of crypto.Bahujan Samaj Party (BSP) leader Ritesh Pandey said that
introducing the 1 per cent TDS on blockchain transactions is going to hamper the way this business is done
In the first transaction, a user will buy a cryptocurrency
They will then transfer it to a wallet
Using the balance in the wallet, the user can buy a non-fungible token (NFT)
Doing so will also finish this asset class, which is very young," the BSP leader said."Amitabh Bachchan has launched his NFT
And if a user wants to buy an NFT of their favourite movie's poster or a star's autograph, they will have to pay TDS three times," the BSP
leader says in the Lok Sabha.India with nearly 1.4 billion people is one of the world's fastest-growing markets for cryptocurrency trading,
but the country has had a hot-and-cold relationship with virtual coins
The Reserve Bank of India had effectively banned crypto transactions in 2018, but the Supreme Court struck down the restriction last year.
