India has collected over 19.2 million dollars in crypto tax in the fiscal year 2023

ChainCatcher news, India has collected over $19.2 million in taxes after implementing a new uniform tax rate of 30% on cryptocurrency transfer income.

According to data from the Ministry of Finance, as of March 20, 2023, the government has received direct tax revenue of 1.579 billion rupees, approximately $19.2 million, from payments related to the transfer of virtual digital assets.

The lower house of India's highest legislative body, the Indian Parliament, passed the cryptocurrency taxation bill on March 25, 2022, primarily targeting cryptocurrency exchanges. The bill stipulates that starting from April 1, 2022, exchanges operating within India or providing cryptocurrency trading for Indian investors are required to pay a 30% capital gains tax. During the 2022-2023 Union Budget, Finance Minister Nirmala Sitharaman proposed a 1% tax on cryptocurrency transactions, meaning that every purchase or trade of cryptocurrency by the Indian public would incur a 1% tax, effective from July 2022. (source link)