Whalesbook
India's strict 1% tax deducted at source (TDS) on virtual digital assets (VDAs) is driving over 90% of Indian crypto trading to offshore exchanges, according to a CoinDCX-backed report. This has led to an estimated ₹11,000 crore in uncollected TDS and could result in a potential loss of up to ₹39,971 crore over the next five years if current policies continue. The report recommends measures like lowering TDS rates and bringing offshore platforms under Indian jurisdiction to boost compliance and protect investors.