Government collects INR 60 crore from TDS on virtual digital assets transactions

December 14, 2022

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The Centre has so far collected INR 60.46 crore from tax deduction at source (TDS) involving transfer of virtual digital assets (VDAs).

Since the insertion of Section 194S in the Income-tax Act, 1961 through the Finance Act, 2022, a total of 318 direct tax challans with TDS code 194S have been received with a total amount of INR 60.46 Cr,” Pankaj Chaudhary, Minister of State (MoS) for Finance, informed Parliament. Finance Ministry According to Pankaj Chaudhary, the Indian government does not register foreign cryptocurrency exchanges. Any legislation regulating or prohibiting crypto assets can only be effective with significant international cooperation: government. The Centre imposed a 1% TDS on transactions involving virtual digital assets in July.

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