Sumit Gupta, co-founder, and CEO of the popular Indian crypto exchange CoinDCX believes that cryptocurrencies can add a lot of value to the country’s GDP and make the country a technology powerhouse. With the country leading on ITeS-based solutions from the past three decades, India can definitely not ignore the upcoming Web3.0 revolution, blockchain boom, and the crypto $1.7 trillion crypto market economy. “It can lead to great innovation, create employment opportunities and make India a technology powerhouse,” Gupta tweeted. However, the proposed 30% tax on crypto will likely dampen India’s potential on leading the new frontiers of the crypto economy. “Taxation is good. But 30% tax on crypto is demotivating for investors and innovators,” Gupta added. Crypto is a new technology that can add a lot of value to India's GDP. It can lead to great innovation, create employment opportunities and make India a technology powerhouse💪 Taxation is good. But 30% tax on crypto is demotivating for investors and innovators#ReduceCryptoTax — Sumit Gupta (CoinDCX) (@smtgpt) March 9, 2022 Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a crypto tax proposal of 30% on gains made from crypto tradings from April 1. The proposal also includes a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133). Reportedly, the 30% crypto tax bracket is the highest in the country and near...
