Three to five million Indian users shifted to offshore platforms since one percent TDS announcement: Report

Esya Centre, a technology policy think tank, has unveiled a report. From what it’s understood, the report showed that the imposition of a one percent tax-deducted-at-source (TDS) on the trading of virtual digital assets (VDA) in India has made three to five million users shift to offshore trading platforms.

According to an official release, the report, titled “Impact Assessment of Tax Deducted at Source on the Indian Virtual Digital Asset Market,” found that the one percent TDS on VDA trade move deprived the exchequer of Rs 3,493 crores revenues, as against the collected revenue of Rs 258 crores.