India Collects Rs 437 Crore in Crypto Taxes in FY24

India collected ₹437 crore in taxes from cryptocurrency and other Virtual Digital Asset (VDA) transactions in Financial Year 2023-24. This figure marks a significant increase from the previous fiscal year, reflecting growing compliance following the introduction of the flat 30% tax on crypto profits and 1% TDS on transactions. The government utilizes advanced data analytics tools to monitor VDA transactions and correlate them with filed income tax returns. While collections are rising, the Finance Ministry has not yet estimated potential revenue losses due to under-reporting, indicating ongoing efforts to strengthen enforcement in this evolving sector.