India should consider reducing 1% TDS rate on cryptocurrency trade: Report ...Middle East

Business Standard - Economy
India should consider lowering the 1 per cent TDS on crytocurrency trade as a high rate is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market, a report said on Tuesday. The 'Impact Assessment of 1 per cent TDS on VDAs' report by Chase India and Indus Law said the crypto platforms/exchanges must also perform customer due diligence which can help uncover any potential future risk. "The existing 1 per cent TDS on crypto trade, combined with the absence of comprehensive regulations, is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market," it said. The government, from April 1 last year, has brought in a 30 p

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