Crypto industry seeks reduction in TDS

At present, the transfer of digital assets will attract a 30% tax and 1% TDS.

Published: 10th May 2022 08:49 PM  |   Last Updated: 10th May 2022 08:52 PM   |  A+A-

Cryptocurrency

Cryptocurrency (Photo | PTI)

By Express News Service

BENGALURU: The crypto industry has been in talks with various stakeholders regarding the reduction of tax deducted at source (TDS) from the proposed 1%. At present, the transfer of digital assets will attract a 30% tax and 1% TDS.

Launching CoinDCX Ventures, an investment arm of crypto exchange CoinDCX, its CEO and co-founder Sumit Gupta said, as an industry, we are engaged in discussion with different stakeholders to bring down TDS from 1% to 0.01-0.05%. "This is work in progress," he said.

CoinDCX Ventures will invest Rs 100 crore over the next 12 months in Web3 start-ups across sectors. It has already invested in seven start-ups including Taki and EPNS. It will be investing around $100k-1 million in each start-up and targets 40-80 investments.

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It is looking at investing in taxation, encryption, KYC and compliance space, among others.

The newly appointed senior VP and Head of Ventures and Investments Rohit Jain said, in the long term, India will have the largest Web3 community and as a result, we will see an increase in the number of quality Web3 start-ups emerging from India.

CoinDCX is launching its venture arm after closing its Rs 1000-crore Series D funding round recently. It has over 12.5 million users on its platform. It is valued at $2.15 billion, and till now, the crypto exchange has raised over $245 million. It also aims to triple its talent pool to over 1,000 employees by the end of 2022.



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