The Indian cryptocurrency industry is not happy with the prohibitive nature of the country’s taxation structure, according to a CoinDesk report. The industry stakeholders may approach the Supreme Court in order to seek relaxation from the structure, the report added. A decision has not been taken yet. The legal challenge will be in the form of a public interest litigation (PIL), the news website revealed. Several representatives from the industry have been lobbying for tax breaks in their discussions with the government since the crypto tax was announced in the Budget for 2022-23 last month. “It would have to be a collaborative effort, including crypto exchanges, (non-fungible token) platforms and blockchain companies since everyone will be affected,” an unnamed executive from a crypto exchange was quoted as saying. The collaborative effort may see participation from a few entities as they choose to sit out the legal challenge because of their “symbiotic approach” to regulation as opposed to an “adversarial approach”, CoinDesk reported, adding that some exchanges will try to seek favourable terms through discussion. The move to knock on the doors of the Supreme Court indicates that the industry is not satisfied with the government proposal. As the date of the implementation comes closer, the industry would want to take action swiftly given the wide-ranging implications and complications arising out of the proposed tax. What is the crypto industry lobbying against? The industry seems keen on getting the Union government to do away or reduce the one percent Tax Deducted at…
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