The month of July has brought further pain for the Indian cryptocurrency markets as TDS at 1 percent comes into force. This is in addition to the 30 percent capital gains tax levied in April. Moreover, there is also talk of a 28 percent goods and services tax (GST). The sell-off in other asset classes, the rollback in liquidity, and the hike in interest rates have impacted crypto too, with the fall testing even the long-term investors.
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Also Read:
Ashish Singhal, Co-Founder and CEO, Coin-Switch, Vikram Subburaj, CEO, Giottus Cryptocurrency Exchange and Forensic and Crypto Tax Accountant Abhinav Soomaney discussed what the sense is going forward, how much pain is there still remaining, what is India looking at when you look at these taxes and the global cues.
For the entire discussion, watch the accompanying video
