Indian govt's latest clown show: 20% TDS on DeFi transactions! They want DeFi protocols to deduct 20% tax. These clowns dont even understand anything about crypto or defi

After destroying the crypto market with senseless 30% tax that has resulted in almost all major crypto companies and devs simply moving out to Dubai, the clown government is now considering imposing 20% TDS on DeFi transactions.

TDS = Tax deducted at source. So they want defi protocols to deduct 20% off each transaction. Do they even realize how stupid this sounds? and impossible to implement

Those in the government and those advising them seem clueless about crypto in general. Its obvious they are desperate to squeeze every penny out in taxes, but their policies are so fucking dumb that it literally takes a 4 hour flight out of India to legally pay zero taxes.

After 30% tax, almost everyone with significant crypto holdings have moved out of the country. As per the country's tax rules, if a person lives outside the country for more than 180 days, they are not taxable in India. For Indian crypto investor, its as simple as living in Dubai for 180+ days and pay ZERO income tax. A whole lot of crypto big names from WazirX to Polygon have moved out to Dubai. These were individuals and companies paying millions in taxes, now will pay zero as a result of the govt's stupidity.

The govt was collecting 10-15% in taxes, and they moved to tax crypto at 30% and as a result will collect literally 0% in taxes now. This is how stupid this Modi government is.

https://inc42.com/buzz/amid-ongoing-uncertainty-in-crypto-industry-defi-comes-under-tax-departments-scrutiny/