Rajagopal Menon of WazirX has expressed the community’s hopes to CoinGape, advocating for a substantial decrease in the Tax Deducted at Source (TDS). Despite this, India’s heavy tax burden has pushed over 90% of crypto exchange traffic offshore, as CoinDCX’s Sumit Gupta informed Moneycontrol. Users draw comparisons with the U.S., where recent moves to launch Bitcoin ETFs contrast with India’s stringent tax regime. As the Union Budget 2024 looms, the collective voice of the crypto community is loud and clear—India must recalibrate its tax strategy to nurture the digital asset sector, not stifle it. Also Read: India’s Crypto Regulation at Standstill: RBI Deputy ReappointedThe post Indian Crypto Community Awaits Budget 2024 with Hopes for Tax Reforms appeared first on CoinGape.

Source: The Nation January 18, 2024 13:00 UTC