The clarity on the 1% TDS is likely to be procedural in nature and could take up to two months, just in time for the tax to be effective on July 1. Amitoj Singh reports.
It’s unlikely the government’s clarification will impact the discussions around putting up a legal challenge against the new crypto tax rules, since the pain is more about the 1% quantum rather than the procedure.
The industry is seeking clarity on two major points – trading and swaps of virtual digital assets . VDA is the Indian government’s terminology for all cryptocurrencies and NFTs. Anirudh Rastogi, founder and managing partner of Ikigai Law, the firm that represented crypto exchanges in a previous legal fight against India’s central bank, said it’s unclear what happens in a crypto to crypto trade – whether the buyer or the seller will be responsible for deducting the tax at present.
The second major concern is VDA to VDA swap trades. This is when a trader exchanges one crypto asset with another. For instance, one BTC is traded with another person who has another crypto asset such as four ETH. Once again, it is unclear who the buyer would be, as well as, whether tax will be deducted in VDAs or fiat currency and how the cost of exchanges would be calculated.
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