Topic: Indian govt. may impose tax on crypto - page 2. (Read 172 times)
I think it is the use of crypto for the benefit of the country, because perhaps the concern of any country whose society is active in crypto is not profitable for the country so they arrange it in taxes, I think it would be advantageous also disadvantageous.
I just read a news in cryptonews about Indian government may impose taxes on cryptocurrency. The Indian central board of indirect taxes and customs is working on a proposal to impose an 18% tax on cryptocurrencies. The proposal will be considered by the Goods and services tax (GST) council once it is finalized. According to the proposal purchase or sale of cryptocurrencies should be considered as supply of goods and those facilitating like supply, transfer, storage, accounting, among others, will be treated as services.
Whats your reaction would be if govt impose taxes on using cryptocurrencies ?
Whats your reaction would be if govt impose taxes on using cryptocurrencies ?
Thats good and bad both at the same time.
Good in sense that India is actually (indirectly) considering or finalising the crypto currencies as legal tender and thus Indian people will be able to trade, store or make purchase of these currencies with full confidence. I mean that is really good news for the India and thus it makes me think that Bitcoin will be invested more from the India side.
Bad side is that 18% is huge money. And thus earner has to earn big chunk of it to cover the charges of 18% thus keeping his goal satisfied, but worth it.
I just read a news in cryptonews about Indian government may impose taxes on cryptocurrency. The Indian central board of indirect taxes and customs is working on a proposal to impose an 18% tax on cryptocurrencies. The proposal will be considered by the Goods and services tax (GST) council once it is finalized. According to the proposal purchase or sale of cryptocurrencies should be considered as supply of goods and those facilitating like supply, transfer, storage, accounting, among others, will be treated as services.
Whats your reaction would be if govt impose taxes on using cryptocurrencies ?
Whats your reaction would be if govt impose taxes on using cryptocurrencies ?
How are they planning on doing that exactly? I can understand the tax attached to a centralised exchange like coinbase (or whatever is the equivalent in india) where you have to input your name and info. But for general transactions it would be very difficult, if not impossible, to impose such a tax because of the anonymity of the blockchain. I doubt they will be successful.
I just read a news in cryptonews about Indian government may impose taxes on cryptocurrency. The Indian central board of indirect taxes and customs is working on a proposal to impose an 18% tax on cryptocurrencies. The proposal will be considered by the Goods and services tax (GST) council once it is finalized. According to the proposal purchase or sale of cryptocurrencies should be considered as supply of goods and those facilitating like supply, transfer, storage, accounting, among others, will be treated as services.
Whats your reaction would be if govt impose taxes on using cryptocurrencies ?
Whats your reaction would be if govt impose taxes on using cryptocurrencies ?
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