Bharat Web3 Association Seeks Relief from High Taxes

A meeting has been scheduled for the representatives of Bharat Web3 Association (BWA) and the finance ministry, particularly Central Board of Direct Taxes for next week

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Bharat Web3 Association has raised concerns regarding the regulatory uncertainty as well as the high taxes in its draft of concerns and recommendations submitted to the finance ministry. The finance ministry is holding consultations for the budget of 2023-2024.

A meeting has been scheduled for the representatives of Bharat Web3 Association (BWA) and the finance ministry, particularly Central Board of Direct Taxes for next week.

The tax budget of 2022-23 was introduced to the 30 percent capital gains tax and 1 percent tax deduction at source (TDS) by the finance ministry as it clarified profits on crypto transactions would not be allowed to carry forward and offset against losses.

The members of Bharat Web3 Association including the likes of CoinBase, CoinDCX, CoinSwitch Kuber, Polygon among others have stated that the strict tax policies are hurting the growth of crypto sector in the country

Following the introduction of the taxation rule in the crypto space, the Indian crypto trading witnessed a decline of approximately 90 percent. The representatives of the crypto industry are demanding to bring the TDS down to 0.1 percent.

The BWA has requested the finance ministry for strong regulations in the light of recent events like FTX collapse. The association added the collapse of FTX was a result of a lack of corporate governance existing in traditional finance as well.

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