How will India’s crypto tax hurt the cryptocurrency sector?

<p>India’s crypto tax came into effect with the current financial year, and has further impacted a cryptocurrency market that was already reeling globally.</p> <p>Crypto exchange WazirX vice president Rajagopal Menon and crypto tax consultancy Catax founder Gaurav Mehta join host <a href="https://www.gadgets360.com/authors/akhil-arora-19">Akhil Arora</a> to discuss the consequences of that.</p> <p>Menon tells us why the cryptocurrency sector is in a freefall since the start of the year — rising global inflation adding to worries over Russia’s invasion of Ukraine — and how India’s crypto tax has compounded those miseries.</p> <p>Mehta believes the conflicting definitions of crypto — is it asset or a currency? — are adding to the chaos. If it’s the latter, then the incoming 1 percent TDS (tax deducted at source) from July 1 is unnecessary, Mehta notes.</p> <p>Menon says exchanges are happy to comply with government’s desires to track transactions, but the TDS rate has been set at a very high value. This, he believes, will stifle innovation in the crypto industry.</p> <p>Tune into our crypto tax special episode to hear our two guests delve deeper into all these facets.</p> <p>Follow Gadgets 360 on <a href="https://www.facebook.com/Gadgets360">Facebook</a>, <a href="https://twitter.com/Gadgets360/">Twitter</a>, <a href="https://www.instagram.com/gadgets.360/">Instagram</a>, and <a href="https://www.youtube.com/gadgets360">YouTube</a>.</p> <p>Write to us at <a href="mailto:podcast@gadgets360.com">podcast@gadgets360.com</a></p> <p>Chapters</p> <ul> <li>Intro (00:00)</li> <li>Where crypto is at (00:31)</li> <li>Asset or currency? (04:11)</li> <li>High TDS rate (08:08)</li> <li>Working with the government (15:40)</li> <li>Are we going too far? (20:40)</li> <li>Outro (26:17)</li> </ul> <p>Photo credit: <a href="https://unsplash.com/@ewankennedy">Ewan Kennedy</a></p>