India\u2019s Finance Minister Nirmala Sitharaman introduced the 2024-2025 budget on February 1, marking the first budget since Prime Minister Narendra Modi was re-elected for a third consecutive term. This interim budget precedes the national elections scheduled between April and June.<\/p>\n\n\n\n
In her budget address, Sitharaman kept the existing crypto tax rules intact. India\u2019s crypto industry had lobbied for significant changes, particularly aiming to reduce the tax-deducted-at-source (TDS) on crypto transactions from 1% to 0.01%. Industry representatives presented evidence, including a think tank study, to support this reduction. They also advocated for progressive taxes on crypto gains instead of the current flat 30% rate and for the ability to offset losses against gains. Additionally, the industry has called for multi-agency regulation to better manage the sector.<\/p>\n\n\n\n
This budget is notable as it is the first since Modi\u2019s Bharatiya Janata Party (BJP) won a third term but failed to secure a majority, leading to the formation of a coalition government. The budget reflects Modi\u2019s roadmap for the next five years, considering the sentiments from the unexpected election results.<\/p>\n\n\n\n
The crypto industry\u2019s primary demands\u2014reducing the TDS rate and allowing losses to offset gains\u2014were not addressed in the new budget. This decision has sparked reactions from industry stakeholders who were hoping for more favorable tax policies to foster growth and innovation in the sector. The unchanged TDS rate is seen as a significant hurdle, potentially stifling the crypto market\u2019s development in India.<\/p>\n\n\n\n
Beyond the crypto sector, this budget outlines Modi\u2019s vision for India\u2019s economic future. The coalition government may face challenges in implementing its agenda due to the need for consensus among coalition partners. However, the budget aims to address key economic areas and set a strategic direction for the country\u2019s growth over the next five years.<\/p>\n\n\n\n
India\u2019s 2024-2025 budget maintains the status quo on crypto taxation, leaving the industry\u2019s demands unmet. As the country prepares for national elections, the budget reflects Modi\u2019s broader economic vision, shaped by the need to navigate the complexities of a coalition government.<\/p>\n","protected":false},"excerpt":{"rendered":"
India\u2019s Finance Minister Nirmala Sitharaman introduced the 2024-2025 budget on February 1, marking the first budget since Prime Minister Narendra Modi was re-elected for a third consecutive term. This interim budget precedes the national elections scheduled between April and June. Crypto Tax Policies Remain Unchanged In her budget address, Sitharaman kept the existing crypto tax […]<\/p>\n","protected":false},"author":5,"featured_media":10468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43,40],"tags":[],"class_list":{"0":"post-10467","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news","8":"category-regulation"},"acf":[],"yoast_head":"\n