- Indian CBDT Chairperson Nitin Gupta shared that the government has garnered more than ₹700 crore in tax revenue from crypto trading.
- Back in August, a network linked with Parimatch was exposed for evading tax by converting earnings to crypto.
- India has a 30% tax in place on the transfer of virtual digital assets, yet it holds the second-largest crypto market in the world.
According to a prominent news outlet in India, Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta announced that the government has collected over ₹700 crores in tax revenue during the current fiscal year, following the implementation of a novel TDS system for online gaming and crypto trading. During a conversation with the media, Gupta confirmed that:
We have collected Rs 600 crore from online gaming companies in the first six months.
Meanwhile, approximately ₹105 crore was collected through TDS during the 2023-24 fiscal year, subsequent to the initiation of crypto taxation on April 1, 2022, reported Gupta.
The Finance Act 2023 introduced a new section, 194BA, into the Income-Tax Act of 1961 on April 1 in …
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