CA Sansaar
Crypto Investments Generate ₹293 crore TDS in FY25, 57% from a Single State
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Despite ongoing regulatory ambiguity and limited investor participation, cryptocurrency transactions continue to yield substantial tax revenues for the Income Tax Department. As per the data presented by the Ministry of Finance in the Lok Sabha, crypto exchange platforms have collectively remitted nearly ₹1,100 crore in the past three financial years, with an exceptional 60% contribution from a single state.
During FY 2024–25, exchanges from the same state accounted for 57% of the total TDS collected. The Ministry further stated that enforcement actions have been taken against three crypto exchanges and several associated entities, resulting in the detection of over ₹1,000 crore in unreported income linked to virtual digital asset (VDA) transactions.
Minister of State for Finance Pankaj Chaudhary reported that crypto exchanges collected ₹221.27 crore as TDS in FY 2022–23, ₹362.70 crore in FY 2023–24, and ₹511.83 crore in FY 2024–25—amounting to a cumulative total of approximately ₹1,096 crore over the three-year period.
This information was provided in response to an unstarred question raised by Members of Parliament Pulla Mahesh Kumar and Magunta Sreenivasulu Reddy in the Lok Sabha on Monday.
According to the Ministry’s data, Maharashtra accounted for 60% of the TDS collected by crypto exchanges from users. Exchanges based in Maharashtra recorded ₹142.83 crore in FY 2022–23, ₹224.60 crore in FY 2023–24, and ₹293.40 crore in FY 2024–25. Thus, out of the total TDS of nearly ₹1,100 crore, approximately ₹661 crore originated from users in Maharashtra.
In FY 2024–25 alone, Maharashtra continued to lead, contributing 57% of the nationwide TDS collected from crypto transactions.
During FY 2024–25, exchanges from the same state accounted for 57% of the total TDS collected. The Ministry further stated that enforcement actions have been taken against three crypto exchanges and several associated entities, resulting in the detection of over ₹1,000 crore in unreported income linked to virtual digital asset (VDA) transactions.
Minister of State for Finance Pankaj Chaudhary reported that crypto exchanges collected ₹221.27 crore as TDS in FY 2022–23, ₹362.70 crore in FY 2023–24, and ₹511.83 crore in FY 2024–25—amounting to a cumulative total of approximately ₹1,096 crore over the three-year period.
This information was provided in response to an unstarred question raised by Members of Parliament Pulla Mahesh Kumar and Magunta Sreenivasulu Reddy in the Lok Sabha on Monday.
According to the Ministry’s data, Maharashtra accounted for 60% of the TDS collected by crypto exchanges from users. Exchanges based in Maharashtra recorded ₹142.83 crore in FY 2022–23, ₹224.60 crore in FY 2023–24, and ₹293.40 crore in FY 2024–25. Thus, out of the total TDS of nearly ₹1,100 crore, approximately ₹661 crore originated from users in Maharashtra.
In FY 2024–25 alone, Maharashtra continued to lead, contributing 57% of the nationwide TDS collected from crypto transactions.
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