High taxation risk - India - page 2.

tarable

full member

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Quote from: Nisjan on May 23, 2018, 09:26:50 AM

Its good to hear that crypto will be legally in the country but taxes required is too high for the beginners what profit they can get for the taxes will they made

the benefits of bitcoin in the presence of the tax, bitcoin can be legalized in that country, and sometimes protected. because bitcoin has taxed the country. that's the advantage of bitcoin with taxes in countries that legalize bitcoin.

Argoo

sr. member

Activity: 2352

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Quote from: brawdias on May 23, 2018, 09:21:19 AM

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

I do not think that 18 percent of taxation on income in the crypto currency is very large. France recently lowered the tax from 49 percent to 13. This was indeed a high tax. In Japan, at about this percentage, taxation also starts and, depending on the taxable person, also reaches about 49 percent. Therefore, such a taxation can not be called large and exorbitant.
Specificity of taxation in India is that it is introduced from July 1, when the Reserve Bank's instruction to other banks not to carry out any operations in the crypto-currency will be introduced simultaneously.

daarul50

legendary

Activity: 1596

Merit: 1034

The high tax application in a country that says it's forbidden to use bitcoin to be natural because the government in the country besides wanting to get more profit from the holders and bitcoin investors they also want to give the trust and convenience for bitcoin users with high tax cost to avoid any risks that will be experienced by its users. It also gives a signal that in addition to high taxation the bitcoin price will increase to cover the high tax costs.

taksrkanah

newbie

Activity: 88

Merit: 0

This may be good news and bad news, I think it's too high and not all bitcoiner in India can pay this high cost tax. For big Investors maybe this is a small thing but for beginners this will only burden them.

captainmerch

newbie

Activity: 2

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what exactly are they going to tax ?!

https://www.youtube.com/watch?v=C_zeEEjf9_Q

btccoffee

sr. member

Activity: 516

Merit: 250

kingcasino.io

I think that taxes is way to much high even you are rich people cant afford to give that huge amount of taxes and all you profit will surely goes to the governments and wont help your people anymore it only harm your people.

BrewMaster

legendary

Activity: 2114

Merit: 1293

There is trouble abrewing

and tried and tried and tried to fight bitcoin, spread FUD about it, talk about banning it, even closing exchanges and all their attempts failed one after another because people wanted to continue using bitcoin and each time the government pushed back, people invested more in bitcoin!
now that they have seen they can not do anything about it, they plan on making the best out of this situation by making some money out of it at least. hence the high tax.

RaggaCat

newbie

Activity: 6

Merit: 0

the tax is on the profit, not on the whole cashout sum of BTC/Rupee I guess. Still bad. 18% is a big incentive to cheat the system by cashing out outside of india.

ylapkzhl

newbie

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Merit: 0

I think this is good news, which shows that the government of India has recognized the legal status of encryption, and that the personal income tax in India is very high. It is reasonable to levy 18% of the tax on bitcoin in this country.

bitcad4u

sr. member

Activity: 602

Merit: 255

Quote from: brawdias on May 23, 2018, 09:21:19 AM

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

Regulation of bitcoin in India will be the good news for the people their.Regulation will increase the investors in India.But the tax will be very huge for the beginner.
Previously they will get the entire crypto profit to their account.But now,they have to pay 18% of profit to the government.

jeremypwr

legendary

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Merit: 4370

🤑 Free Bets have been credited 🤑

There's nothing wrong with a country having to pay taxes on crypto, in fact it's quite the opposite.
Adoption will lead to regulation = taxes, that's just how life works.
So in essence, this is a good thing. People need to learn to see through the dollars and cents in some cases.

ss890

sr. member

Activity: 644

Merit: 263

Quote from: brawdias on May 23, 2018, 09:21:19 AM

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

Dam already demotivated with that news. Lolz.

India is always prone to such changes when it gets out of their hands. However I dont really understand how they will decide the slot of taxation for the crypto currency investment and for the money which we earned from our real jobs. There could be mixing of professional taxes and crypto currency taxes and thus we may get to overpay the taxes. Embarrassed

Looks like perfect attempt to stop the crypto currency from the country as we will need to pay huge taxes. It doesn't seem to me a way to legalise the crypto currency but to remove it.

virendarnagpal

member

Activity: 672

Merit: 12

Quote from: hiddenmist on May 23, 2018, 09:36:26 AM

Quote from: brawdias on May 23, 2018, 09:21:19 AM

India is a corrupt country, I won't be surprise if they do that. Remember that one of a good feature of blockchain technology is about transparency and you don't expect a corrupt official to agree with this new technology. They will use all their power and their connections to limit the use of crypto.

Corruption and taxation are two different things. Applying taxes does not mean that the country applying taxes is corrupt. All the countries charge taxes because their and several administrative as well as defence and social responsibilities of the governemtns; for which money is required. And the source of income for governments is taxes.
But the rate of taxation should be justified. Rate of taxation must be @ low rates. Taxes should be just that ; by charging that amount the tax payer does not suffer huge losses and as a result of high taxation his survival must not be in danger.
The king should charge tax from his citizens the amount so less as honey bee goes to flowers and sucks honey from flower but the survival of the flower is still not in danger. This was the Indian culture which must be followed by the present governments to set high moral standards.

r1s2g3

sr. member

Activity: 742

Merit: 395

I am alive but in hibernation.

Quote from: bit-freedom on May 23, 2018, 09:54:52 AM

IMO, this is a good news more than a bad news. India imposing tax on crypto is better than banning crypto all together. The income tax in India seems to be at 20% for middle class which is higher than 18%, so it seems reasonable.

Income tax reference from the website:
https://www.hdfclife.com/insurance-knowledge-centre/tax-saving-insurance/latest-income-tax-slab-and-deductions-fy-2017-18

I think you are acting stupid, 18% GST on crypto currency simply shows government has no understanding about it.
Do you impose sales tax,GST on share market trading?

They just want a cash grab.

bit-freedom

sr. member

Activity: 658

Merit: 256

IMO, this is a good news more than a bad news. India imposing tax on crypto is better than banning crypto all together. The income tax in India seems to be at 20% for middle class which is higher than 18%, so it seems reasonable.

Income tax reference from the website:
https://www.hdfclife.com/insurance-knowledge-centre/tax-saving-insurance/latest-income-tax-slab-and-deductions-fy-2017-18

IMMBAGGA

newbie

Activity: 73

Merit: 0

Taxes are lifeline for any country without which some country survives. But rates of taxes should be genuine. Lower rates of taxes are welcome step.

hiddenmist

member

Activity: 199

Merit: 10

Quote from: brawdias on May 23, 2018, 09:21:19 AM

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

India is a corrupt country, I won't be surprise if they do that. Remember that one of a good feature of blockchain technology is about transparency and you don't expect a corrupt official to agree with this new technology. They will use all their power and their connections to limit the use of crypto.

Nisjan

newbie

Activity: 27

Merit: 0

Its good to hear that crypto will be legally in the country but taxes required is too high for the beginners what profit they can get for the taxes will they made

brawdias

newbie

Activity: 84

Merit: 0

I know that official regulations by the government can help to legitimate crypto. However, in India they want to apply a 18% taxation, I think is too much, and investing can be demotivating.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

Would you feel more skeptical if you country apply such taxation as well? Or would you be happy because they legitimating crypto ?

Topic: High taxation risk - India - page 2. (Read 181 times)