Q.3 What is DeFi (Decentralised Finance)? What are the implications of levying high tax on gains made from the transfer of cryptocurrencies and NFTs (Non-Fungible Tokens)? (10 Marks)

Mentor’s comment-
  • https://www.thehindu.com/opinion/op-ed/after-the-budgets-crypto-signal-india-awaits-reforms/article65055762.ece
  • In the intro, mention 30% flat tax rate on gains from crypto and NFTs.
  • In the body, explain DeFi and implications of high tax on gains from crypto which can provide a fillip to DeFi and reluctance to convert crypto into rupee, increase in technology-based innovation etc.
  • Conclude by mentioning the need for reforms such as reducing tax rate in the future and incorporation of insights from seasoned partners from the international community.
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2 years ago

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2 years ago

@staff

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2 years ago

Id #0000520807

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