Indian Parliament passes controversial cryptocurrency tax proposal. The enacted proposal will enter into force from 1 April. Under the law, a 30% capital gains tax will be payable on cryptocurrency transactions.
The crypto industry has battled this bill after taxes were first proposed in February, backing meetings with lawmakers with a change.org petition and an online campaign. There was hope that the capital gains tax or TDS could be eased, but neither did. Industry participants, with little hope of any change in the law at this point, are considering the fight to continue. Rajat Mittal, tax advisor advising crypto companies at the Supreme Court of India, said:
“The government has not accepted any proposals from the crypto industry to soften crypto taxation, but by tightening the taxation rules, day traders and exchanges have been making their way to India. It has made it more difficult, and perhaps almost impossible, for it to operate in .
Opposition members strongly reacted to the bill, citing the lack of clarity of definitions in the bill, with several lawmakers saying crypto taxes would “destroy the industry.”
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