Crypto industry body requests reduction in TDS to 0.01% in Budget

A body representing the crypto and Web3 industry has urged the Union finance ministry to lower the tax deducted at source (TDS) on transfers of virtual digital assets (VDAs) from 1 per cent now to 0.01 per cent.

The Bharat Web3 Association (BWA), the industry body, has asked for a review of the flat 30 per cent tax rate applicable to income from the transfer of VDAs.