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Low TDS Collection

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Low TDS collection. Falling in love with the business, representatives of the Indian crypto industry are urging the government to reduce taxes.

The deputy finance minister told the Indian Parliament on Tuesday that the government has collected about $7.4 million in TDS from crypto transfers since July 1. Given the low rate, the government can consider the request of local crypto companies to reduce the tax to a reasonable level – in the range of 0.01% to 0.05%.

TDS Collection Is Low

In a written response to the upper house of the Indian Parliament, Finance Minister Pankaj Chaudhary said that the Indian government has collected Rs 60.46 crore (approx. $7.4 million) as TDS on crypto transactions since July 1, 2022, according to media reports.

He also explained that the Central Board of Direct Taxes (CBDT) is conducting programs for taxpayers and taxpayers. In addition, it conducts research, investigation and research and detention services to enforce tax laws in the crypto sector, he added.

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A Case For Tax Relief

Currently, the Ministry of Finance in India and its agencies, including the CBDT, are involved in pre-budget advisory.

In a written response to the upper house of the Indian Parliament, the Minister of State for Finance Pankaj Chaudhary said that the Government of India has collected 60.46 crore rupees (about 7.4 million dollars) as TDS on crypto transactions since July 1, 2022, according to reports. social media. He also explained that the Central Board of Direct Taxes (CBDT) is conducting programs for taxpayers and taxpayers. In addition, it conducts research, investigation and research and detention services to enforce tax laws in the crypto sector, he added.

A Case For Tax Relief

Currently, the Ministry of Finance in India and its agencies, including the CBDT, are involved in the pre-expenditure audit.

Because the total TDS from crypto transactions is very low, this makes the crypto industry’s demand to reduce it to 0.01% – 0.05%.

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