India Crypto Tax Petition Surges: 75,000+ Signatures Demand Lower Rates
Frustration is mounting within India's crypto community over the steep tax regime imposed on digital assets. A petition calling for a reduction in the crypto tax has garnered significant momentum, amassing over 75,000 signatures. This groundswell of support highlights the growing discontent with the current policy and the desire for a more favorable regulatory environment.
The issue stems from Finance minister Nirmala sitharaman's decision to express a 30% tax in income from digital assets (Crypto currency, NFT) in her Budget documented FY. This measure, while intended to regulate the burgeoning crypto market, has been criticized for stifling innovation and driving trading activity away from Indian exchanges. We Indians traders or invester, however, Indian crypto traders wanted in on all the crypto fun. Accordingly, a petition urging the government to reduce the crypto tax began surfacing.
The petition, which started Hace 4 días, rapidly gained traction as investors voiced their concerns about the impact of the high tax rate on their investments. A key demand is a reduction in the very harshly imposed taxes, Singhal added.
Currently, India subjects crypto transactions to a 30% capital gains tax and a 1% TDS (Tax Deducted at Source), a combination widely seen as punitive. This contrasts sharply with more crypto-friendly approaches adopted by other nations, including those mentioned by India’s crypto industry which is actively lobbying for reduced taxes, citing the Trump administration’s crypto-friendly measures as a precedent. Prime Minister Narendra Modi’s government is now facing increasing pressure to reconsider its stance.
Hace 4 días India may finally be ready to reverse course on its hardline crypto tax policy, which has severely stifled the country’s once-thriving digital asset industry. The significant number of signatures on the petition suggests a strong desire for change. Indeed, a petition by Indian investors to have the government reduce the newly instated crypto tax rate has received over 52,000 signatures in just a few hours, reinforcing the urgency felt by the crypto community. The petition Hace 4 días aims to illustrate the negative consequences of the current tax structure.
Will the government heed the call of these tens of thousands of investors? The coming months will be crucial in determining the future of cryptocurrency regulation in India and whether Prime Minister Narendra Modi’s administration will adapt its policies to better reflect the needs of its growing crypto investor base.