Post-2024 elections, CoinDCX CEO Sumit Gupta foresees a substantial reduction in the country’s cryptocurrency tax rate.
Recently, Sumit Gupta, co-founder and chief executive officer of CoinDCX, a notable Indian crypto exchange, expressed optimism regarding crypto tax reform in India.
Although the Interim Budget did not provide any immediate relief for high TDS and crypto tax rates, Gupta remains optimistic about good developments in the final budget following the elections.
CoinDCX CEO Supports The ‘Reduce Crypto Tax’ Movement
Gupta highlighted the difficulties presented by the existing 30% crypto tax rate and 1% TDS in a recent X post.
The CEO of CoinDCX incorporated the hashtag ‘ReduceCryptoTax’ into his post to sustain the trend.
Furthermore, he underscored the possible emigration of Web3 developers and users from India, which would jeopardize the fledgling Web3 startup ecosystem within the nation.
He advocated for a more favorable environment for the industry and actively conveyed his concerns to key stakeholders.
According to Gupta, a supportive policy framework in the forthcoming full budget could stimulate positive changes.
In addition, it will encourage Web3 developers and investors in India to concentrate on use cases extending beyond commerce.
Following the conclusion of the 2024 elections, India may be amenable to a reduction in the exorbitant crypto tax rates, according to the CEO of CoinDCX.
Moreover, following the objectives of Prime Minister Narendra Modi’s “Anusandhan” and sustained funding for domestic initiatives, Gupta foresees a digital environment that is lush with innovative endeavors.
Furthermore, despite the obstacles presented by India’s Web 3 sector, Gupta stated that CoinDCX is dedicated to establishing a future in which India takes the lead in the worldwide digital revolution.
Will India Reduce Crypto Taxes to 5%?
The crypto community was faced with shock following India’s latest Interim Budget, which was presented a few days ago.
It neglected to address cryptocurrencies or the Web3 ecosystem, eagerly anticipating relief from the crypto tax regime.
Chirag Chauhan, founder of CA Chauhan & Co., foresees substantial reforms after the 2024 electoral process.
However, Chauhan alluded to the possibility that India’s present 30% crypto tax rate could be reduced to 10% or 5% in the final Union Budget 2024 document.
Moreover, he emphasized that legal recognition and reconsideration may afford crypto holders relief beyond taxation.
But he also underscored the government’s apprehension regarding the misuse of cryptocurrencies.
