cbdt

🚨 BREAKING: 🇮🇳 INDIA ISSUES CRYPTO REPORTING GUIDANCE UNDER CARF.

India's CBDT has released detailed guidance to implement the OECD's Crypto-Asset Reporting Framework (CARF).

→ Reporting obligations apply to Crypto-Asset Service Providers (RCASPs), including exchanges.
→ RCASPs must collect users' tax residency and Tax Identification Number (TIN) details.
→ Eligible crypto transactions will be reported under CARF.
→ The framework supports automatic exchange of crypto tax information between participating countries.
→ The first reporting cycle is expected to cover 2026 transactions, with reports filed in 2027.
→ This is a reporting compliance framework not a new crypto tax.

#Bitcoin #Crypto #India #CBDT #CARF

Central Board of Direct Taxes (#CBDT ) has collected more than 100 crore INR ($12 million) from one percent TDS (Tax Deducted at Source) on crypto transactions in this financial year.

The #Indian #government had implemented one percent direct tax on all crypto transactions from July 1, 2022.

In an interview with #ani , the tax body’s chairman revealed that they have collected over 700 crore INR ($84 million) in TDS during the current financial year from online gaming companies and crypto transactions.

Over 12$ million was collected from taxes on crypto.

Tax Imposed After “Phenomenal Increase” in Crypto Transactions

Though crypto regulations in India remain unclear as of now, the central government has imposed heavy taxes in order to curb unsupervised crypto’s adoption in the world’s most populated country.

In her 2022-23 Budget speech, India’s Finance Minister Nirmala Sitharaman announced one percent #TDS on crypto transactions.

She cited “phenomenal increase” in crypto transactions as a reason for a specific tax regime.

At the same time, she proposed taxing income from the transfer of any virtual digital asset at 30 per cent.

The central government of India has significantly changed its stance on crypto regulations in the last year.