High Taxes Can Kill the Crypto Industry in India, CZ Cautions
Besides existing taxes, a new draft ITR form suggests that foreign businesses could be taxed if they have got a user base in India. India’s anti-crypto policy came into sharp focus at the prestigious Singapore Fintech Festival (2-4 November), where Binance CEO flagged high tax rates as undoing the fledgling crypto business in the country.
Binance CEO Changpeng Zhao (CZ), during a panel discussion at SFF that was live-streamed, said, “India has high tax, which is probably going to kill the industry.” He was referring to new crypto taxes that became effective from April this year, media reports noted. India introduced a 30% capital gains tax and 1% transaction tax on virtually all transactions in digital assets that came into effect in April 2022. Since then, local crypto exchanges have reported a slump in volume by as much as 90%.
Source
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