Indian Finance Minister Maintains Stringent Crypto Taxes in 2024 Budget

Indian Finance Minister Nirmala Sitharaman’s 2024 Union Budget did not address the crypto industry’s plea for tax relief. The current tax regime, including a 30% flat tax on crypto profits and a 1% TDS on transactions, remains unchanged. Local crypto advocates had urged for a reduction in the TDS to 0.01% to stimulate market activity, but the government maintained its stringent stance, viewing crypto akin to gambling. Despite this, India continues to lead in global cryptocurrency adoption​​.