‘Will Give Birth to Red Tapism’: Member of Parliament Opposes 1 Percent TDS on Crypto Assets

As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).

As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,” the BSP leader said. This 1 percent TDS on crypto transactions, Pandey elaborated, will require a person to pay the TDS at three stages when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).As India's tax policies near the enforcement date of April 1, a member of parliament from the Bahujan Samaj Party (BSP), Ritesh Pandey, has expressed concerns in the Lok Sabha. Pandey has said that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The ‘red tapism' idiom refers to those formal rules that are claimed to be excessive and rigid. Pandey's comments come against the backdrop of an outcry from India's crypto community, which is requesting the government to reconsider the tax regime it's pushing the crypto industry into. “When you impose a 1 per