... even the Warren Buffet of India Mr. Rakesh Jhunjhunwala said..
Meanwhile Buffet himself is against crypto
Topic: Govt's Taxation Of Crypto Is Nonsensical & Absurd, Says Indian MP (Read 142 times)
Meanwhile Buffet himself is against crypto
April 16, 2022, 02:30:45 PM
Earlier I used to think Subramanian Swamy is a liar and merely a conspiracy theorist, especially after his speeches against Raghuram Rajan and then when he spoke in the case of Sushant Singh Rajput, but to be honest some of his talks do make sense, in this case he absolutely does makes sense, government is trying to ban something that it is not ready to recognise, this is sheer foolishness, no law in India recognises or as a matter of fact define Cryptocurrencies or digital currencies, so very definition of the currencies can be questioned in the court of law, only the IMMAI vs RBI case has given some definition in case law other than that we don't really have anything.
April 16, 2022, 11:04:11 AM
That is, if the government is controlled by the upper caste, they make rules at will, they know crypto has now entered the lower caste area, the old trick of suppressing has been applied again, those in parliament have no choice to prevent lower castes in crypto, tax solutions are increased, greedy bastard.
April 07, 2022, 02:08:23 PM
Not just Subramanian Swamy, even the Warren Buffet of India Mr. Rakesh Jhunjhunwala said - 30% tax on cryptocurrency is essentially the death of crypto in India. I truly believe that government has consciously taken this decision of imposing 30% tax to see how the market responds and how much money they can scoop up from the crypto taxation. Once they have some specific data in hand after 21-22 tax session, they are going re-consider it. One thing is clear that even after the constant pressure from RBI, Indian government did not impose a blanket ban on it, which is positive. They could have easily done it but instead they are trying to see the market response. Let's see how it goes! But I believe this 30% taxation will not stay for longer in India. It will eventually come down!
April 07, 2022, 06:40:17 AM
Hitting out strongly against the crypto taxation, former MP and well-known economist, Subramanian Swamy, has also said that crypto tax will lead to flight of talent from the country.
According to Swamy, the government’s stance of supporting blockchain technology but being against crypto is just like being in the favour of a car but not for the steering wheel.
Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2022-2023 announced that all gains on digital assets, including cryptocurrency, will be taxed at 30 per cent. And the government’s decision to tax the crypto has stirred up the debate about the rationality of the decision, mostly among crypto enthusiasts. But former member of Parliament and well-known economist Subramanian Swamy, in an exclusive conversation with Business Today, has said that the imposition of 30 per cent tax on crypto is nonsensical and absurd.
“You [government] first don't recognise it but you say you will tax it, which is absurd. Either you recognise it or you don't recognise it. If you don't recognise it, then go after them, but you say no whatever earnings they make -- which means you allow them to make [those] earnings -- and if you tax the earnings how can you call that illegal anymore?” Swamy said.
According to him, the government’s stance of supporting blockchain technology but being against crypto is just like being in the favour of a car but not for the steering wheel.
“When civilisation began or the human beings started making progress, the first thing was he started with barter trade then over a period of time, this gold coin came, then paper currency came in, but it had a gold backing. Then now we have a paper currency altogether. Now this is going again, back to barter exchange, because the transactions are between the two of us and no money is physically changed. That's our computer age. It is a computerised version of the old age bartar system,” Swamy pointed out.
Swamy, as a matter of fact, believes that crypto is the future. He further highlighted the pitfalls of having a crypto tax at this stage. According to him, not only does the tax rate act as a disincentive, but can also lead to a flight of talent from the country.
“If you will not allow [crypto] then people will do it in black. And also it will lead to a flight of talent from our country,” Swamy said.
Coinshots
According to Swamy, the government’s stance of supporting blockchain technology but being against crypto is just like being in the favour of a car but not for the steering wheel.
Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2022-2023 announced that all gains on digital assets, including cryptocurrency, will be taxed at 30 per cent. And the government’s decision to tax the crypto has stirred up the debate about the rationality of the decision, mostly among crypto enthusiasts. But former member of Parliament and well-known economist Subramanian Swamy, in an exclusive conversation with Business Today, has said that the imposition of 30 per cent tax on crypto is nonsensical and absurd.
“You [government] first don't recognise it but you say you will tax it, which is absurd. Either you recognise it or you don't recognise it. If you don't recognise it, then go after them, but you say no whatever earnings they make -- which means you allow them to make [those] earnings -- and if you tax the earnings how can you call that illegal anymore?” Swamy said.
According to him, the government’s stance of supporting blockchain technology but being against crypto is just like being in the favour of a car but not for the steering wheel.
“When civilisation began or the human beings started making progress, the first thing was he started with barter trade then over a period of time, this gold coin came, then paper currency came in, but it had a gold backing. Then now we have a paper currency altogether. Now this is going again, back to barter exchange, because the transactions are between the two of us and no money is physically changed. That's our computer age. It is a computerised version of the old age bartar system,” Swamy pointed out.
Swamy, as a matter of fact, believes that crypto is the future. He further highlighted the pitfalls of having a crypto tax at this stage. According to him, not only does the tax rate act as a disincentive, but can also lead to a flight of talent from the country.
“If you will not allow [crypto] then people will do it in black. And also it will lead to a flight of talent from our country,” Swamy said.
Coinshots
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