India Collects Rs. 157.9 Crore in VDA Tax u/s 194S for Fiscal Year 2022-23.

The direct tax collected from the transfer of Virtual Digital Assets (VDA) in India, through tax deducted at source under section 194S of the Income-tax Act, 1961, amounted to Rs. 157.9 crore for the fiscal year 2022-23 up to March 20, 2023. This information was provided by a Union Minister of State for Finance in a written response to the Rajya Sabha. Although crypto assets remain unregulated, transactions are governed by laws such as the Prevention of Money Laundering Act, 2002, and the Income-Tax Act, 1961. The Financial Stability Board notes that crypto market activities are mainly speculative with limited real economy links.