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  4. 30% Tax Effect: Indian Crypto Exchange Trade Down by $3.8 Billion
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30% Tax Effect: Indian Crypto Exchange Trade Down by $3.8 Billion

As per a study, 30% tax and 1% tax deducted at source caused a loss of over Rs 99.3 trillion of local exchange trade volume.The study said that Rs 25,300 crore were relocated in...
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30% Tax Effect: Indian Crypto Exchange Trade Down by $3.8 Billion 30% Tax Effect: Indian Crypto Exchange Trade Down by $3.8 Billion

  • As per a study, 30% tax and 1% tax deducted at source caused a loss of over Rs 99.3 trillion of local exchange trade volume.

  • The study said that Rs 25,300 crore were relocated in the first 6 months of FY23.

  • Nearly 1.7M Indian investors have switched to foreign exchange because of taxes.

A recent study showed that after the imposition of a 30 percent tax on the income from crypto assets, the net trade volume worth $3.8 billion (Rs 32,000 crore) switched from Indian crypto exchanges to foreign ones between February to October.

The Esya Centre’s recent study said that both the 30% tax and 1% tax deducted at source may cause a loss of over Rs 99.3 trillion of local exchange trade volume in the coming four years.

The study titled “Virtual Digital Asset Tax Architecture in India” revealed that out of Rs 32,000 crore, Rs 25,300 crore were relocated in the first six months of 2022-23 (FY23).

The report read, “60.8 percent of the fall in the volumes of Indian centralized crypto exchanges are due to domestic market conditions or the tax architecture in India during Feb-Oct 2022, and the conditions intrinsic to these exchanges.”The study pointed out clear proof that revealed that from February 2022, foreign centralized crypto exchanges gained an advantage over Indian centralized exchanges. Nearly 1.7 million Indian investors ...

The post 30% Tax Effect: Indian Crypto Exchange Trade Down by $3.8 Billion appeared first on Coin Edition.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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-0.0003 (-0.05%)

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1.3780

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168.32

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EUR/CHF

0.9808

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2,295.80

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4,920.55

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17,763.03

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-42.98 (-2.13%)

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10,854.40

-246.40 (-2.22%)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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EUR26.475,3627.949,19
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KRW15,9219,31
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