The measure, first introduced in January 2022, is said to have gone through 39 revisions before being adopted by the Indian parliament.
The India Finance Bill proposes changed regulatory measures in the area of cryptocurrency taxes in India, including a 30% tax on virtual digital assets such as NFTs and cryptocurrencies. From 1st April 2022 onwards, the law will be in effect.
In addition, the Indian government has imposed a 1% TDS (tax deduction at source) on each trade, claiming that this will aid the government in tracking the movement of cryptocurrency funds.
Traders and industry professionals were outspoken in their opposition to the controversial bill. According to a survey performed by market research firm YouGov, more than a third of Indian city dwellers are unhappy with the new crypto bill and are opposed to crypto regulation altogether.
“We have entered an era of agony,” Nischal Shetty, CEO of top crypto exchange WazirX, said to the recently enacted crypto law.
