Sumit Gupta: India collected ₹1,096 crore in crypto TDS from FY22-23 to FY24-25

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Sumit Gupta: India collected ₹1,096 crore in crypto TDS from FY22-23 to FY24-25 — India crypto TDS collected and uncollected

India collected ₹1,096 crore in crypto tax deducted at source (TDS) from FY22-23 to FY24-25.

Sumit Gupta, co-founder & CEO of CoinDCX, reported that uncollected TDS since the regime began in July 2022 is estimated at approximately ₹19,049 crore. He attributed this figure to the estimate that around 95% of Indian crypto trading now takes place on offshore platforms that do not deduct TDS.

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Sumit Gupta recently highlighted CoinDCX's appearance on national TV through a segment with SonyLIV, emphasizing the company's efforts in public crypto awareness. Earlier, Gupta stated that the CoinDCX team was prepared to support Bitget after a reported incident, showing industry collaboration. These developments come as CoinDCX navigates the growing challenges of tax compliance for Indian crypto traders.

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