Nischal Shetty Appeals Indian Govt to Rethink Proposed Crypto Tax

Nischal Shetty, founder and CEO of the popular Indian crypto exchange WazirX, has appealed to the government to re-examine the proposed crypto tax law to build a favorable crypto ecosystem in the country. Does India’s Crypto Tax Need More Work? In a recent Twitter thread posted today, the CEO of WazirX, Nischal Shetty has appealed to the Indian government on implementing favorable laws for the next generation of crypto enthusiasts who are building and contributing to the upcoming blockchain and cryptocurrency ecosystem. Shetty believes that the proposed crypto tax should be at par with India’s highest population between the ages of 18-25 who are into crypto but not under the taxable income bracket. Concerning the TDS, Nischal feels that a 1% slab will make it virtually impossible for day traders, or high-frequency traders as investors could get their entire capital locked in it if they trade for only a few hundred times. Government has also extra work of refunding all such TDS as well, according to him. The WazirX Boss further pointed out the latest tax rules could even encourage “brain drain” as the lack of clarity makes it difficult for law enforcement as well as entrepreneurs to function effectively. Day 32 India needs to implement favourable laws for Crypto entrepreneurs & investors We risk losing #BUIDL talent & future gains from Crypto Issues: 1) 30% income tax irrespective of income slab2) 1% TDS on every trade 3) No cl...