India’s Interim Budget Fails to Address Crypto
The recently concluded Interim Budget presentation in India did not mention anything about cryptocurrency or the Web3 ecosystem, disappointing the crypto community. However, there is still hope for relief in the crypto tax system post the 2024 elections, according to expert Chirag Chauhan. Chauhan believes that the government will make a decision on crypto taxes after the elections and expects a reduction in the current 30% tax rate to either 10% or even 5%. He also acknowledges the government’s concerns about the potential misuse of cryptocurrencies but suggests that legal recognition and reconsideration could provide relief for crypto holders.
Government’s Cautious Approach Benefits Web3 Ecosystem
Chartered Accountant Akhil Pachori sheds light on the government’s unwavering stance on crypto taxation. Despite disappointment from the crypto community, Pachori sees this cautious approach as a boon for the Web3 ecosystem. He believes that it will foster a more resilient and serious market, encouraging innovation while maintaining financial stability and security.
Hot Take: India Holds Off on Crypto Tax Relief Until After Elections
India’s Interim Budget announcement did not address any issues related to cryptocurrency or the Web3 ecosystem, leaving the crypto community disappointed. However, expert Chirag Chauhan predicts that relief in India’s crypto tax system will come after the 2024 elections. He expects a reduction in the current 30% tax rate to either 10% or even 5%. This cautious approach reflects the government’s concerns about potential misuse of cryptocurrencies, but legal recognition and reconsideration could provide relief for crypto holders in India.
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