India gains crypto tax revenue but loses TDS to offshore exchanges, Sumit Gupta says

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Mirjan Hipolito

23.07.2025

India gains crypto tax revenue but loses TDS to offshore exchanges, Sumit Gupta says — @smtgpt: India crypto tax and TDS gap

India collected a total of ₹706 crore in cryptocurrency income taxes over the last two financial years, according to Sumit Gupta. Despite this revenue, the country faced a substantial loss in Tax Deducted at Source (TDS) to offshore exchanges.

Data sourced from Esya indicates that in the financial year 2022–23, India garnered ₹269 crore in crypto income tax and ₹437 crore in 2023–24. However, the TDS loss stood at approximately ₹3,493 crore for 2022–23 and ₹2,634 crore for 2023–24. This highlights a significant challenge in retaining taxable revenues within the country, attributed to offshore trading activities.

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The struggle to retain crypto tax revenues within India underscores regulatory challenges amid the sector's rapid innovation. Recent advances, such as the expansion of crypto options trading by local platforms, as detailed in Sumit Gupta's announcement of CoinDCX's forthcoming crypto options trading, illustrate efforts to enhance domestic engagement. Meanwhile, initiatives enabling seamless INR purchases of digital assets through solutions like the CoinDCX Web3 mode reflect broader moves to facilitate regulated crypto participation, potentially mitigating offshore tax leakage in future years.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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