More than 30% Tax, 1% TDS will hurt the most
hive-167922·@codingdefined·
0.000 HBDMore than 30% Tax, 1% TDS will hurt the most
When the Indian government has put up a plan to tax crypto assets by 30%, a lot of investors have withdrawn their money to save that 30% tax. But the 30% tax on crypto is not a problem for many investors because they anyway have to pay 30% tax on their income, I am talking about individuals who are drawing a high salary.  PC: Pixabay.com People who are relying on crypto for their income will now have to find other ways to not pay that 30% tax or they will pay that 30% and think that they have earned that 30% less. But the problem for most of investors and traders is the 1% tax-deductible at source on all digital asset transfers. This will hurt the crypto market more as it will remove the liquidity from the market. As of now if we have to trade any crypto assets, it's quite easy as there is liquidity provided in the market, but the government's decision it will affect the traders the more. The orders will not be executed at swiftly as it used to happen today. Like for example with the liquidity gone, the buyers have to buy or sellers have to sell based on whatever liquidity is there on the market. When the trading happens in a centralized exchange, it is the responsibility of the exchanges to get that 1% TDS whereas with a decentralized exchange there will no way a government will track that. So the trading will mainly move from Indian exchanges to foreign exchanges or even in the decentralized exchanges to actually get away with the 1% TDS. This 1% TDS is hurting the individuals the most because with every trade they have to pay this even if the trade is successful or not and thus people will stop the trade and thus eventually the liquidity from the market will be gone. Now for example, if I have a coin that has a BTC pair only then first I have to pay 1% TDS for buying the BTC and then 1% TDS to buy a coin from the BTC and thus this will eventually move the traders as well as investors off the market. Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@codingdefined/more-than-30-tax-1-tds-will-hurt-the-most)
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