Indian technology think tank calls for lowering controversial crypto tax, but policy fails to achieve expected goals

A technology policy think tank in New Delhi pointed out that India’s most controversial encryption policy, the 1% transaction tax deducted from the source of encryption transactions, needs to be reduced from the current level of 1% to 0.01%. The think tank said the move would help achieve the government's goals of raising revenue and improving transparency. Research shows that this form of tax, known as TDS, has caused as many as 5 million crypto traders to move their transactions overseas since its introduction in July 2022, causing potential losses to the government of up to $420 million. The findings suggest the tax fails to achieve one of its stated goals: taxing those who make profits. (CoinDesk)