Pushpendra Singh signals taxation stifles India's blockchain potential
@pushpendrakum: Taxation hinders India's blockchain
India's burgeoning gaming industry has reported significant earnings, as highlighted by financial expert Pushpendra Singh. Gaming apps such as Dream11 and My11Circle have generated over ₹35,000 crore. With 56 crore Indians engaging with these platforms, primarily within the 18-30 age group, the current focus seems to be on short-term predictions rather than long-term innovations.
Singh points to a missed opportunity for India in becoming a leader in blockchain technology. He notes that despite this potential, the heavy taxation policies, including a 1% TDS and a 30% tax, are significantly hampering innovation in the Web3 space. As a result, the country might be falling behind in supporting the burgeoning blockchain sector that could otherwise provide substantial economic benefits.
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In the previous news, tweet author Pushpendra Kumar discussed the latest trends on BNB Chain.
