The value of cryptocurrency transactions in India exceeded ₹51,000 crore in 2024-25, according to an analysis of data shared with Parliament, representing a 41% increase over the previous year.

The data, shared by the Ministry of Finance in reply to a question in the Rajya Sabha, shows that the government collected ₹511.8 crore as Tax Deducted at Source (TDS) on crypto transactions in 2024-25. As the rate of Tax Collected at Source (TCS) is 1% on every transaction, this means the value of total transactions that year stood at ₹51,180 crore.

Under the Finance Act 2022, the government had introduced a provision in the Income Tax Act 1961, which has been retained in the Income Tax Act 2025, mandating a 1% TDS on any transfer of Virtual Digital Assets (VDAs) or cryptocurrencies.

The government had collected TCS worth ₹221.3 crore in 2022-23 and ₹362.7 crore in 2023-24, implying transactions worth ₹22,130 crore and ₹36,270 crore were conducted in those two years, respectively.

The reply added that the Income Tax Department had conducted survey actions against three crypto exchanges operating in India and found non-compliance of the TDS provision worth ₹39.8 crore and undisclosed income worth ₹125.79 crore.

“In addition to the above search and seizure operations under Section 132 and Survey actions under Section 133A of the Income Tax Act against various entities resulted in the detection of undisclosed income related to VDA transactions amounting to ₹888.82 crore,” the reply added.