Nischal Shetty, founder and CEO of the popular Indian crypto exchange WazirX, has appealed to the government to re-examine the proposed crypto tax law to build a favorable crypto ecosystem in the country.
<h2><strong>Does India's Crypto Tax Need More Work?
</strong></h2>
In a recent Twitter thread posted today, the CEO of WazirX, Nischal Shetty has appealed to the Indian government on implementing favorable laws for the next generation of crypto enthusiasts who are building and contributing to the upcoming blockchain and cryptocurrency ecosystem.

Shetty believes that the proposed crypto tax should be at par with India’s highest population between the ages of 18-25 who are into crypto but not under the taxable income bracket.

Concerning the TDS, Nischal feels that a 1% slab will make it virtually impossible for day traders, or high-frequency traders as investors could get their entire capital locked in it if they trade for only a few hundred times. Government has also extra work of refunding all such TDS as well, according to him.

The WazirX Boss further pointed out the latest tax rules could even encourage “brain drain” as the lack of clarity makes it difficult for law enforcement as well as entrepreneurs to function effectively.

https://twitter.com/NischalShetty/status/1500011000736661505
<h2><strong>30% Crypto Tax Bracket Highest in the Country</strong></h2>
Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a <a href="https://www.cryptoknowmics.com/news/union-budget-2022-30-tax-on-virtual-asset-transfer/">crypto tax proposal of 30%</a> on gains made from crypto tradings from April 1. The proposal also includes a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133).

Reportedly, the 30% crypto tax bracket is the highest in the country and nearly double the corporate tax rate of 16%. The announcement saw a mixed reaction from the Indian crypto community with some calling it a welcome step towards recognizing the unregulated crypto market, while others called it regressive.

Nischal Shetty Appeals Indian Govt to Rethink Proposed Crypto Tax

Nischal Shetty, founder and CEO of Indian crypto exchange WazirX has appealed to the government to re-examine the crypto tax proposal.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Nischal Shetty Appeals Indian Govt to Rethink Proposed Crypto Tax

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