India's new tax structure might deter gambling and excess speculation seen during bull runs. reports godbole17.
The Indian crypto market may remain insulated from the next meme-token frenzy as a result of the recently proposed tax on virtual currency transactions.that gains arising from the sale of virtual assets would be taxed at a flat rate of 30% without any deductions or exemptions. The rate is on par with the highest income-tax band, which applies to individuals earning more than 1.5 million rupees a year. The government also introduced a 1% tax, deducted at source , on cryptocurrency trading.
While TDS might help the government keep a tab on the money flow, it could pose a problem for short-term traders. Rajat Lalwani, a SHIB holder and moderator at Shiba Inu India Official, a Telegram group with over 2,000 India-based retail investors, said the new tax structure is less of a concern for long-term holders.
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