India has not changed its restrictive cryptocurrency tax rules in the 2023 budget. The Finance Minister, Nirmala Sitharaman, did not mention crypto or related subjects in the budget announcement, meaning the previous tax rules remain in place.

Last year, India introduced a 30% tax on profits and a 1% tax deducted at source on all transactions, which led to a decline in trading volumes and a shift of $3.8 billion in trading volume from local to international exchanges.

The crypto industry had hoped for a reduction in taxes, with a recommendation to reduce the TDS to 0.01% or at minimum 0.1%.

The lack of changes has left Indian crypto companies in a difficult position and the government is being asked to reconsider its stance. India has kept a crypto bill in reserve since last year and has prioritized global coordination for crypto regulation.