India Faces Pressure to Rethink Crypto Taxes Ahead of Union Budget as Trading Shifts Offshore
As India approaches this year’s Union Budget, policymakers are under pressure to reassess the country’s punitive crypto tax framework amid capital flight to offshore platforms, raising questions about lost tax revenue and weakened regulatory oversight.
Indian crypto users execute nearly three-quarters of their crypto volume offshore, around $6.1 billion (₹51,252 crore), with just 27.33% remaining on domestic platforms, according to a report from crypto tax platform KoinX.
Finance Minister Nirmala Sitharaman is set to present her ninth consecutive budget on Sunday, a first in over two decades, with the crypto industry watching for relief from a tax regime that has gutted domestic trading volumes and pushed activity to…
