More trouble for India's crypto exchanges as new TDS rules causes drop in trading volume
— Earn massive tax revenue due, Figures sourced, Woes, Million, 37 percent, May 2022, Tds levy, Similar story, Critical costs ," said menon, Great job — 1 min read
WazirX, and CoinDCX saw their trading volumes slashed by at least 80 percent since the 1 percent TDS came into effect on July 1, 2022. The TDS rule states that all trades involving the sale and transfer of crypto assets will be charged a 1 percent fee on the seller's end. The two largest exchanges in the country saw trading volumes plummet 63.11 percent, falling from $14.53 million on June 30, 2022 (before the TDS enforcement) to $5.36 million (before) June 29, 2022) The exchange shed 64.64 percent in trading volume, slipping from $7.41 million to $2.62 million between 29th and June 30th, 2022, itself. Source