Indian Budget Ahead
India’s crypto tax laws have caused local trading volume to plummet and the industry is hoping for better news in the upcoming budget session.
Welcome to The Daily Forkast – January 20, 2023 – presented by Joel Flynn.
Right in the midst of the crypto winter, India introduced two new crypto taxes which caused trading volumes to plummet. A 1% tax deducted at source is levied on all transactions over around US$120, along with a 30% tax on gains from digital assets.
A local think tank has said these taxes could lead to losses of up to around US$1.2 trillion in local exchange trading volume over the next four years, so the industry is undoubtedly hoping for better news at this year’s parliament budget session.
We’ll have more on that story in this episode of The Daily Forkast.