The Indian Web3 community urges the government to change cryptocurrency tax laws

ChainCatcher news, as the announcement date for India's Federal Budget 2024 approaches, India's Web3 community is urging for amendments to cryptocurrency tax regulations. Despite calls from the Web3 community over the past two years, the Indian government has yet to revisit the tax laws related to cryptocurrencies. Many in the industry believe these laws hinder the growth of cryptocurrency in India and lead to a brain drain to more crypto-friendly countries.

The Indian cryptocurrency community has been using the hashtag "#ReduceCryptoTax" on social media platforms to express three main demands to the Indian government, including advocating for more flexible tax rates, reducing the Tax Deducted at Source (TDS) on each cryptocurrency transaction from 1% to 0.01%, and allowing loss carryforwards similar to the stock market.