New Delhi, Dec. 26 -- The government's highest tax deducted at source (TDS) on so-called virtual digital assets (VDA) came from crypto exchanges based in Maharashtra at Rs.293.40 crore in 2024-25, followed by Karnataka ( Rs.133.94 crore), and Gujarat ( Rs.28.63 crore), according to data from the finance ministry. To be sure, the TDS data involve locations where crypto-exchanges are based and not locations of actual trades.

Delhi came fourth with total TDS collection in FY25 of Rs.28.33 crore, the data showed. Union Budget 2022-23 made a 1% TDS mandatory on the transfer of cryptocurrencies or VDAs from July 1, 2022 to keep a tab on each transaction.

According to the data, total TDS on this account rose by over 41% to Rs.511.83 crore in 2...