Crypto Players want FinMin to Relook Proposed 1% TDS

Crypto industry has reached out to the finance ministry seeking to the either reduce or eliminate the 1% tax deducted at source (TDS) proposed on the proceed of all crypto transaction, as the Finance Bill will be approved in the Parliament session that commenced Monday.

Top crypto players are taking up the demand with the ministry through the Blockchain and Crypto Assets Council (BACC), which is part of the Internet and Mobile association of India, and startup industry body IndiaTech.

According to tow people ET spoke to, these crypto platforms that are members of BACC have recommended that the proposed TDS be reduced to 0.01-0.1%.

“crypto platforms have recommended a range, and urged the finance ministry to the people who is directly familiar with the discussions. “Even if things are not resolved before the next financial year begins, the industry is hopeful that TDS requirement may reduce in the next 2-3 quarters.” Meanwhile, startup to finance

Minister Nirmala Sitaraman and revenue secretary Tarun Bajaj, requesting to eliminate the TDS entirely or to bring it down to 0.01%

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