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Union Budget 2024: No Tax Relief for Crypto Sector, Industry Takes Respite in Angel Tax Abolishment
The Union Budget that was unveiled on Tuesday without any reduction in one percent TDS on all crypto transactions that has been requested by the crypto industry. Meanwhile, the Web3 community continues to vouch for patience and belief in the government for comprehensive industry-specific reforms in the future.
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Investors Expect Crypto Tax Could Continue as Nirmala Sitharaman Returns as Finance Minister
The Indian crypto circle has been waiting for FM Sitharaman to revise the tax laws imposed over the crypto sector. Despite the outcry, the finance minister did not announce any taxation relief for the crypto sector while presenting the interim annual budget earlier this year. Her re-appointment to the finance minister’s position has sparked conce...
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CoinDCX Report Claims Lower TDS on Crypto Could Improve Compliance, Tax Transparency
CoinDCX has released a report that seeks reform in India's crypto tax regime. The crypto exchange's latest report is titled 'Redesigning TDS for Transparency and Compliance’ and highlights areas where reforms can be ushered in by the government.
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World Bank Asks Pakistan To Bring Tax Reforms, Remove Sales Tax Exemptions
The World Bank has asked the Pakistani government to make tax reforms and remove the exemptions on duties and sales tax, Pakistan-based ARY News reported.
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"Want An India That...": US Envoy Wants Reforms In Tax, Export Policies
US Ambassador Eric Garcetti on Tuesday pitched for reform in India's taxation and export control for deeper bilateral economic engagement and said the "rhetoric" that everything has to be made in India could slow down the pace of the country's growth
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#ReduceCryptoTax: India’s Web3 Community Demands Relief, Offers Ideas Ahead of Budget 2024
For the last two years, the Indian government has paid no heed to the sentiment of the Web3 community, that has been urging for a revision on crypto-related tax laws. Ahead of the upcoming budget announcement for the year 2024-2025, the Web3 community of India have hit social networking platforms with the hashtag -- ‘#ReduceCryptoTax’.
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Bill To Amend Central Goods And Services Tax Act Introduced In Lok Sabha
A bill to align provisions of the Central Goods and Services Tax Act with Tribunal Reforms Act to initiate the administrative process for operationalisation of the Goods and Services Tax Appellate Tribunals was introduced in Lok Sabha on Wednesday.
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Budget 2023: Investors Expect Centre To Focus On Tax Structure Reforms, Fiscal Consolidation
Investors are anticipating policy reforms to rationalise bottlenecks for growth such as subsidies and a clear roadmap for disinvestment targets.
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Municipalities Over-Rely On Property Tax For Financing Activities: RBI
The RBI said that property tax reform and the development of a vibrant municipal bond market may boost the finances of local bodies in India.
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"Sorry For Mistakes...Went Too Far, Too Fast": Liz Truss On Tax Cut Fiasco
Embattled UK Prime Minister Liz Truss on Monday apologised for "going too far too fast" with reforms that triggered economic turmoil, but vowed to remain leader despite a series of humiliating climbdowns.
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G20 Members to Review Anti-Evasion Crypto Tax Framework Drafted by OECD
The Organisation for Economic Cooperation and Development, or OECD has proposed amendments to the ‘Common Reporting Standard (CRS)’, that is taken into consideration by the G20 and OECD organisations to bring about tax reforms for the crypto sector. Over the next months, the OECD will be taking forward work on the legal and operational instrume...
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South Korea Delays Levying 20 Percent Crypto Tax By Three Years
South Korea has decided to delay the imposition of a 20 percent tax on crypto earnings till 2025. The announcement was made as part of the nation’s 2022 tax reform plan on Thursday, July 21. Seoul’s initial plan to levy a 20 percent tax on yearly crypto gains exceeding $1,900 (roughly Rs. 1.50 lakh), however, remains unchanged.
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Opinion: GST, Historical Tax Reform, At 5 Years, Has Lost Its Way
Five years ago, India's federal and state governments struck a historic deal. From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of loc
-
How the 1 Percent TDS Provision Will Affect the Growth of the Crypto Industry
The recently introduced 1 percent TDS on virtual digital asset (VDA) transactions, as part of the Finance Bill 2022, has been described as highly detrimental to the industry. The tax provision is expected to discourage entrepreneurs and investors from developing the burgeoning industry while the government could lose out on an opportunity to earn t...
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GST Faces Its Biggest Challenge Yet After A Big Court Ruling
Several states are pressuring the ruling government to extend a program to continue compensation for losses from Goods and Services Tax (GST)or risk a stalemate in attempts to further simplify the structure
-
Union Budget 2024: No Tax Relief for Crypto Sector, Industry Takes Respite in Angel Tax Abolishment
The Union Budget that was unveiled on Tuesday without any reduction in one percent TDS on all crypto transactions that has been requested by the crypto industry. Meanwhile, the Web3 community continues to vouch for patience and belief in the government for comprehensive industry-specific reforms in the future.
-
Investors Expect Crypto Tax Could Continue as Nirmala Sitharaman Returns as Finance Minister
The Indian crypto circle has been waiting for FM Sitharaman to revise the tax laws imposed over the crypto sector. Despite the outcry, the finance minister did not announce any taxation relief for the crypto sector while presenting the interim annual budget earlier this year. Her re-appointment to the finance minister’s position has sparked conce...
-
CoinDCX Report Claims Lower TDS on Crypto Could Improve Compliance, Tax Transparency
CoinDCX has released a report that seeks reform in India's crypto tax regime. The crypto exchange's latest report is titled 'Redesigning TDS for Transparency and Compliance’ and highlights areas where reforms can be ushered in by the government.
-
World Bank Asks Pakistan To Bring Tax Reforms, Remove Sales Tax Exemptions
The World Bank has asked the Pakistani government to make tax reforms and remove the exemptions on duties and sales tax, Pakistan-based ARY News reported.
-
"Want An India That...": US Envoy Wants Reforms In Tax, Export Policies
US Ambassador Eric Garcetti on Tuesday pitched for reform in India's taxation and export control for deeper bilateral economic engagement and said the "rhetoric" that everything has to be made in India could slow down the pace of the country's growth
-
#ReduceCryptoTax: India’s Web3 Community Demands Relief, Offers Ideas Ahead of Budget 2024
For the last two years, the Indian government has paid no heed to the sentiment of the Web3 community, that has been urging for a revision on crypto-related tax laws. Ahead of the upcoming budget announcement for the year 2024-2025, the Web3 community of India have hit social networking platforms with the hashtag -- ‘#ReduceCryptoTax’.
-
Bill To Amend Central Goods And Services Tax Act Introduced In Lok Sabha
A bill to align provisions of the Central Goods and Services Tax Act with Tribunal Reforms Act to initiate the administrative process for operationalisation of the Goods and Services Tax Appellate Tribunals was introduced in Lok Sabha on Wednesday.
-
Budget 2023: Investors Expect Centre To Focus On Tax Structure Reforms, Fiscal Consolidation
Investors are anticipating policy reforms to rationalise bottlenecks for growth such as subsidies and a clear roadmap for disinvestment targets.
-
Municipalities Over-Rely On Property Tax For Financing Activities: RBI
The RBI said that property tax reform and the development of a vibrant municipal bond market may boost the finances of local bodies in India.
-
"Sorry For Mistakes...Went Too Far, Too Fast": Liz Truss On Tax Cut Fiasco
Embattled UK Prime Minister Liz Truss on Monday apologised for "going too far too fast" with reforms that triggered economic turmoil, but vowed to remain leader despite a series of humiliating climbdowns.
-
G20 Members to Review Anti-Evasion Crypto Tax Framework Drafted by OECD
The Organisation for Economic Cooperation and Development, or OECD has proposed amendments to the ‘Common Reporting Standard (CRS)’, that is taken into consideration by the G20 and OECD organisations to bring about tax reforms for the crypto sector. Over the next months, the OECD will be taking forward work on the legal and operational instrume...
-
South Korea Delays Levying 20 Percent Crypto Tax By Three Years
South Korea has decided to delay the imposition of a 20 percent tax on crypto earnings till 2025. The announcement was made as part of the nation’s 2022 tax reform plan on Thursday, July 21. Seoul’s initial plan to levy a 20 percent tax on yearly crypto gains exceeding $1,900 (roughly Rs. 1.50 lakh), however, remains unchanged.
-
Opinion: GST, Historical Tax Reform, At 5 Years, Has Lost Its Way
Five years ago, India's federal and state governments struck a historic deal. From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of loc
-
How the 1 Percent TDS Provision Will Affect the Growth of the Crypto Industry
The recently introduced 1 percent TDS on virtual digital asset (VDA) transactions, as part of the Finance Bill 2022, has been described as highly detrimental to the industry. The tax provision is expected to discourage entrepreneurs and investors from developing the burgeoning industry while the government could lose out on an opportunity to earn t...
-
GST Faces Its Biggest Challenge Yet After A Big Court Ruling
Several states are pressuring the ruling government to extend a program to continue compensation for losses from Goods and Services Tax (GST)or risk a stalemate in attempts to further simplify the structure
