Cryptocurrency trading volumes across exchanges in India have plunged after the country's 1% tax deducted at source (TDS) went into effect. crypto
Cryptocurrency trading volumes across exchanges in India have plunged after the country’s 1% tax deducted at source went into effect at the beginning of the month. Some major crypto exchanges saw volumes dropping by about 80%.The trading volumes across crypto exchanges in India have fallen sharply after the new TDS went into effect on July 1.
The controversial 1% TDS on crypto transactions exceeding 10,000 rupees is now in effect. The TDS is in addition to the 30% gains tax on crypto which went into effect in April. Some traders are confused about whether the 1% TDS applies when using foreign cryptocurrency exchanges. Wazirx founder Nischal Shetty clarified:
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