Crypto industry wants 0.1% TDS, Sebi-like regulator in Budget 2023

Some industry experts also suggested that gains in the crypto industry should be allowed to be offset against losses

Apart from reducing the tax deducted at source (TDS) rate on crypto's transfer from the current 1 per cent to 0.1 per cent, the Centre must set up a regulator for the industry much like the Securities and Exchange Board of India (Sebi) in the upcoming Budget 2023, experts told Business Standard.

Currently, a person is mandated to pay a 30 per cent tax on withdrawal and an additional 1 per cent TDS on the transfer of crypto assets in India. It was introduced in the last Budget by Finance Minister Nirmala Sitharaman.

"Through our representation for the