Crypto trading volume drops in India as additional taxes hit investors – Marketingwithanoy

The Indian government has introduced a 1% tax withheld at source (TDS) on every cryptocurrency transaction over 10,000 Indian rupees, or about $127, on July 1. The law has only been in effect for a few days, but there is already a chilling effect on Indian digital asset marketplaces.

The levy is in addition to the 30% tax on all crypto-based income that began on April 1, which is double India’s 15% capital gains tax on short-term gains for traditional stocks and equities.

The increasing tax could serve as a further roadblock for citizens looking to trade crypto as the potential for financial gains diminishes.

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