Yesterday i.e. 1st February 2022 India announced its budget, and in the session, it stated that crypto transactions will be taxed at the rate of 30%. There is very less to be sure of what is the impact of the following decision[ +ve or -ve]
Please re-read the announcement. Crypto transactions are not going to taxed at 30%. It is the crypto gains that are going to taxed at 30%. Crypto transactions through centralized exchanges will attract 1% TDS.
It has not been implemented, it will be, Considering the gains you should know that almost 95% of Indians are investing/will invest in cryptocurrencies just for the sake of GAINS! so 1% or 30% nobody in India currently uses crypto as an exchange for services or products so almost every crypto enthusiast will somehow pay 30% on the gains!