Indian Government Misses on $420 Million in Crypto Taxes

Taxes as 90% Trade Volume Shifts Offshore:
Millions of consumers have shifted to offshore cryptocurrency exchanges as a result of India's one percent tax-deducted-at-source (TDS) on cryptocurrency trading, according to a new Esya Center report.
To decrease speculative activity and improve transparency in the cryptocurrency ecosystem, India's Ministry of Finance implemented a one percent transaction-level deduction (TDS) on cryptocurrency transactions in February 2022.
With so many cryptocurrency users switching to foreign exchanges, the Indian government's goal of levying 1% TDS on transactions has not been met.

https://cryptonews.com/news/indian-government-misses-on-420-million-in-crypto-taxes.htm