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The Bharat Web3 Association has raised concerns about regulatory uncertainty and high taxes in its draft concerns and recommendations submitted to the Ministry of Finance. The Ministry of Finance is conducting consultations for the 2023-2024 budget.
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A meeting for representatives of the Bharat Web3 Association (BWA) and the Ministry of Finance, particularly the Central Board of Direct Taxation, has been scheduled for next week.
The 2022-23 fiscal budget was introduced to the 30 percent capital gains tax and 1 percent tax at source (TDS) deduction by the finance ministry as it clarified that capital gains crypto transactions would not be allowed to roll over and make up for losses.
Members of the Bharat Web3 Association, including CoinBase, CoinDCX, CoinSwitch Kuber, Polygon, among others, have stated that strict tax policies are hurting the growth of the cryptocurrency sector in the country.
Following the introduction of the tax rule in the crypto space, Indian crypto trading saw a decline of about 90 percent. Representatives of the crypto industry demand to reduce the TDS to 0.1 percent.
The BWA has asked the Ministry of Finance for strict regulations in light of recent events such as the collapse of FTX. The association added that FTX’s collapse was the result of a lack of corporate governance existing in traditional finance as well.
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