India announces interim budget, continues to impose heavy taxes on cryptocurrencies

2024-02-01 15:29:11

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ChainCatcher news, according to CoinDesk, Indian Finance Minister Nirmala Sitharaman announced the budget in Parliament on Thursday. Expectations for changes to the harsh taxes imposed on cryptocurrency trading (including a 30% tax on profits and a 1% TDS on all transactions) are low. With elections set to take place in India over the next two months, expectations for the budget in the financial sector are also low. Sitharaman announced that there would be no changes in direct and indirect taxes.

It is reported that in an election year, the Ministry of Finance usually does not submit a full budget but instead presents a provisional budget to fund its expenditures in the short term. A comprehensive budget is typically expected to be submitted in July, after the election results are announced. Polls indicate that Prime Minister Modi and his Bharatiya Janata Party are likely to return to power.

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