India Govt Gets

₹60.46 Cr

On Crypto From TDS December 13, 2022 Story: Divya Sinha

On Tuesday, the Indian government announced that it had received

₹60.46 Cr in taxes for transactions

involving virtual digital assets.

This was since TDS regulations were introduced in


As of April 1st, the government has introduced a

30% income tax

plus surcharges on the transfer of crypto assets.

The government has also introduced a 1% TDS under Section 194S of the IT Act on payments

over ₹10,000

in virtual digital currencies from July 1st.

Under the Income Tax Act 1961,

the Finance Act 2022

has inserted Section 194S to be followed by all persons involved in transactions involving a VDA regarding the deduction of tax relating to the transfer of a VDA.

Pankaj Chaudhary,

Minister of State for Finance said the CBDT conducts awareness programs for

taxpayers and takes appropriate measures as required.

Minister also added that crypto assets are unregulated in India and the government does not register

foreign crypto exchanges .