The hashtag #CryptoTariffDrop is linked to the Indian crypto community’s request for lower taxes on cryptocurrencies. The industry, led by the Bharat Web3 Association (BWA), asked the government to reduce the TDS (Tax Deducted at Source) on crypto transactions from 1% to 0.01%. They also want to increase the minimum transaction amount for TDS from ₹50,000 to ₹5,00,000.
Additionally, the community asked for a review of the 30% tax on crypto profits, as they believe these high taxes are pushing users to foreign platforms and limiting growth in India. Despite these requests, the government decided to keep the current tax rules unchanged in the 2024 Union Budget.
Many in the crypto space were disappointed and felt it was a missed chance to support the growing crypto industry. The hashtag #CryptoTariffDrop reflects this movement for friendlier crypto tax policies in India.
