Budget 2024: Crypto industry’s wait for lower tax rates continues

livemint.com:

Cryptocurrency industry players continue to nurture the hope of an announcement slashing of crypto taxes in the final Budget, albeit interim Budget has turned out to be non-event for them with no mention of the industry whatsoever.

Some spokespersons assert that the VDA (virtual and digital assets) industry was hoping for tax and TDS relief, but the hopes have not been dashed, albeit pushed for a later date. 

They, meanwhile, root for the Prime Minister's thrust on research or anusandhan. Their two key demands of reduction in TDS to 0.01 percent and permitting offsetting of losses continue to stand, industry players say.

Dilip Chenoy, Chairman, Bharat Web3 Association, says “Considering that this was a Vote-on-account budget, we weren’t expecting any big movement during the session. We are eagerly anticipating changes to be announced post elections when the full budget is announced."

One industry spokesperson asserts that the VDA industry had hoped for tax relief while it plays a vital role in facilitating decentralised storage. 

“While the VDA industry had hoped for tax and TDS relief, we remain optimistic that the full budget will bring positive developments, including reduced taxation and a supportive policy framework. The VDA industry, rooted in digitization, innovation, and research, plays a pivotal role in facilitating decentralised storage, fractional ownership, metaverse development, interoperability, scalability, and sustainability," says Sumit Gupta, Co-founder, CoinDCX.

Rajagopal Menon, VP, WazirX says, “We believe crypto and VDAs can be a force multiplier in achieving Viksit Bharat by empowering individuals at the grassroots level. Digital public infrastructure and the PM's aspiration for 'Anusandhan' will