India's Finance Minister Nirmala Sitharaman kept crypto tax rules unchanged in her address announcing the nation's budget for 2024-2025 on Tuesday. This was expected, as CoinDesk reported on Monday. The primary demand from India's crypto industry was to reduce the controversial tax-deducted-at-source (TDS) policy on crypto transactions from 1% to 0.01%. The industry also asked the government to establish progressive taxes on gains instead of the flat 30% rate, and allow losses to offset gains. They have also pushed for multi-agency regulation. Notably, the government increased the long term capital gains tax from 10% to 12.5%.
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