India’s Central Board Of Direct Tax Report ₹700Cr in Tax From Crypto
Indian CBDT Chairperson Nitin Gupta shared that the government has garnered more than ₹700 crore in tax revenue from crypto trading. Back in August, a network linked with Parimatch was exposed for evading tax by converting earnings to crypto. India has a 30% tax in place on the transfer of virtual digital assets, yet it holds the second-largest crypto market in the world. According to a prominent news outlet in India, Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta announced that the government has collected over ₹700 crores in tax revenue during the current fiscal year, following the implementation of a novel TDS system for online gaming and crypto trading. During a conversation with the media, Gupta confirmed that: We have collected Rs 600 crore from online gaming companies in the first six months. Meanwhile, approximately ₹105 crore was collected through TDS during the 2023-24 fiscal year, subsequent to the initiation of crypto taxation on A...