Great Expectations: What the Indian crypto industry is hoping for in Budget 2023

The current tax architecture should be changed to allow for set-off and carry forward of losses in VDAs similar to equity shares/derivatives. The 30% threshold was set in response to comparisons of digital assets with highly speculative avenues such as gambling, betting, and so on. However, VDAs are similar to securities trading and should, therefore, be treated similarly with respect to taxation and setoff benefits.

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