Topic: Indians moved 0ver $3.8B to foreign exchanges because of new crypto tax rules (Read 117 times)
January 10, 2023, 02:07:46 PM
This clearly shows that these guys aren't in support of the taxes imposed on them, and and moving this much money means missed opportunities for the government to collect revenue from direct & indirect avenues. Btw this also means people will spend less of their crypto money to avoid attracting the government agencies in charge of tax collections that could charge them for tax invasion.
January 10, 2023, 05:21:32 AM
I have seen even my friends doing this. But I know that government will come up with new measures to find out all the details on foreign exchanges also. For the peace of mind, it is important to comply with tax rules of your country whether you deal in crypto or not.
As much as I am all in on paying taxes, a 30% tax on crypto is inconsiderate. I made a topic recently about the government making favorable policies. This is not favorable at all, at least not to exchanges, traders, and investors. This just seems like a move to discourage people from using crypto. taxes can be imposed on crypto but they should be reasonable.
I can't blame people for finding alternatives in these situations. It's tax avoidance, which is not illegal. They've not done anything wrong by using foreign exchanges. It becomes illegal when its tax evasion.
January 08, 2023, 03:23:06 PM
Some countries rely on taxes as a major resource for the state treasury, so tax evasion will greatly damage the economy of these countries. I am against tax evasion, of course, but sometimes government policies are the reason for citizens evading paying taxes.
Here in my country, for example, taxes sometimes reach 60-70% on some goods or professions. In such cases where taxes are high, some citizens will try to evade high taxes by many methods. This is due to the stupidity of the government.
Here in my country, for example, taxes sometimes reach 60-70% on some goods or professions. In such cases where taxes are high, some citizens will try to evade high taxes by many methods. This is due to the stupidity of the government.
January 06, 2023, 07:25:42 AM
Most Governments around the world are just a group of hypocrites and sore losers. First they try to ban crypto, and then afterward they impose stupid taxes on the same product they initially called illegal. Bunch of greedy bastards
Yep. However, in the US I think taxes on capital gains are higher than 30% if I'm not mistaken (and I'm thinking of the stock market), and it depends on whether you've held the stock for a year or less. Either way Indians are obviously not happy with the change, and good for them for their rebellion.I have a question, though. Why does it matter what exchange Indians are using? Wouldn't they have to pay taxes on their capital gains regardless of where the exchange is located? I'm assuming the answer to that is yes, and by trading on exchanges outside of India they're just dodging taxes. Does that sound correct?
January 06, 2023, 05:55:54 AM
Once again governments being shortsighted instead trying to get as many people as possible to keep their money in the country and report their tax.
Most Governments around the world are just a group of hypocrites and sore losers.
This is a direct result of a poor policy, which certainly is also a direct result of a poor policymaking process. This should serve as an example to other countries how a policy could actually backfire if it is not well-studied.
People are very surprised if you explain to them that tax reduction policies generate more revenue, but in order to balance the accounts they have to be accompanied by reductions in public spending, and in a world addicted to debt and spending and spending, this seems impossible.
When you want to make it impossible for people to do what they want to do and tax them excessively, people look for ways to avoid paying and to free themselves from your yoke, and in the case we are seeing of cryptocurrencies the same thing. With a policy of tolerance and low taxes, many people who do not declare them and/or have moved them abroad, would declare them and move them in their country, benefiting the local economy.
January 06, 2023, 05:19:47 AM
They have changed their stance multiple times. Sometimes the government says that they will ban it, then they put heavy taxes on it. If it was that bad, why are they letting people loose money with these crypto investments and then charging 30% taxes on top of it as well?
Most likely they want to keep people away from investing and then make some profit from imposing heavy taxes while blaming the investors if they lose their money.it is a very confused policy in a large society like India. I do not know, but it seems that the government still does not understand this sector, and yet they found it an opportunity for more harm.
January 05, 2023, 11:35:08 PM
This is a direct result of a poor policy, which certainly is also a direct result of a poor policymaking process. This should serve as an example to other countries how a policy could actually backfire if it is not well-studied. Well, if it is India's intention to shoo away that huge crypto volume, they are successful. 81% of domestic trading volume is already lost in as quick as 4 months.
If this is a way for India to discourage crypto, however, they're failing miserably. The domestic crypto industry might die, but it certainly doesn't mean Indians stop getting involved with crypto altogether.
But it seems there will be a review on the flat 30% tax on profit and the 1% TDS. A better version might soon be implemented.
If this is a way for India to discourage crypto, however, they're failing miserably. The domestic crypto industry might die, but it certainly doesn't mean Indians stop getting involved with crypto altogether.
But it seems there will be a review on the flat 30% tax on profit and the 1% TDS. A better version might soon be implemented.
January 05, 2023, 03:38:45 PM
I have seen even my friends doing this. But I know that government will come up with new measures to find out all the details on foreign exchanges also. For the peace of mind, it is important to comply with tax rules of your country whether you deal in crypto or not.
I am not sure how the metric is taken, may be they have taken the trading volume of exchanges in India to the present volume and reached a conclusion that everyone who traded in these exchanges moved to foreign exchanges, but the overall trading volume in all the exchanges are low after the market went down. Even though the tax rules are not favorable it is better to comply with the rules rather than getting into trouble. 
January 05, 2023, 01:14:59 PM
Sometimes we consider certain government tax rules not according to international policies, 30% tax if charged to crypto exchanges, like WazirX and other exchanges operating in india, it is only natural that crypto users in India transfer assets to foreign exchange, crypto users will bear the tax burden, the exchange will automatically put the burden on its users on its shoulders, it's not appropriate for such a rule to be applied it's a ridiculous rule, 1% maybe, but 30% is ridiculous.
India implements 30% tax i don't think any exchange can afford that 30%, self destructing rule, If this rule continues to be applied, I'm sure many exchanges will close and the government will only enjoy the rules, without the tax commission.
India implements 30% tax i don't think any exchange can afford that 30%, self destructing rule, If this rule continues to be applied, I'm sure many exchanges will close and the government will only enjoy the rules, without the tax commission.
January 05, 2023, 10:03:36 AM
Most Governments around the world are just a group of hypocrites and sore losers. First they try to ban crypto, and then afterward they impose stupid taxes on the same product they initially called illegal. Bunch of greedy bastards
This is being a hypocrite. It might be tolerated if a person is doing this but on a large scale, it impact millions of people. 
January 05, 2023, 07:28:41 AM
Link to news
https://www.coindesk.com/policy/2023/01/04/indians-moved-over-38b-to-foreign-exchanges-since-crypto-tax-rules-research-study/
I have seen even my friends doing this. But I know that government will come up with new measures to find out all the details on foreign exchanges also. For the peace of mind, it is important to comply with tax rules of your country whether you deal in crypto or not.
I would do the same if I was in India.https://www.coindesk.com/policy/2023/01/04/indians-moved-over-38b-to-foreign-exchanges-since-crypto-tax-rules-research-study/
I have seen even my friends doing this. But I know that government will come up with new measures to find out all the details on foreign exchanges also. For the peace of mind, it is important to comply with tax rules of your country whether you deal in crypto or not.
Most Governments around the world are just a group of hypocrites and sore losers. First they try to ban crypto, and then afterward they impose stupid taxes on the same product they initially called illegal. Bunch of greedy bastards
January 05, 2023, 05:54:23 AM
Perhaps it is the government's policy to try to keep people away from using cryptocurrencies by imposing high taxes on them.
I do not know how the report was able to estimate the amount of liquidity that was transferred to international platforms, but India's position towards regulating cryptocurrencies was floundering, and the policy may not last for a long time.
In general, if the state does not have a clear policy towards cryptocurrencies, you may be able to hide your currencies without being subject to taxes, but in general, tax compliance avoids indispensable problems.
They have changed their stance multiple times. Sometimes the government says that they will ban it, then they put heavy taxes on it. If it was that bad, why are they letting people loose money with these crypto investments and then charging 30% taxes on top of it as well? I do not know how the report was able to estimate the amount of liquidity that was transferred to international platforms, but India's position towards regulating cryptocurrencies was floundering, and the policy may not last for a long time.
In general, if the state does not have a clear policy towards cryptocurrencies, you may be able to hide your currencies without being subject to taxes, but in general, tax compliance avoids indispensable problems.
January 05, 2023, 05:48:08 AM
Perhaps it is the government's policy to try to keep people away from using cryptocurrencies by imposing high taxes on them.
I do not know how the report was able to estimate the amount of liquidity that was transferred to international platforms, but India's position towards regulating cryptocurrencies was floundering, and the policy may not last for a long time.
In general, if the state does not have a clear policy towards cryptocurrencies, you may be able to hide your currencies without being subject to taxes, but in general, tax compliance avoids indispensable problems.
I do not know how the report was able to estimate the amount of liquidity that was transferred to international platforms, but India's position towards regulating cryptocurrencies was floundering, and the policy may not last for a long time.
In general, if the state does not have a clear policy towards cryptocurrencies, you may be able to hide your currencies without being subject to taxes, but in general, tax compliance avoids indispensable problems.
January 05, 2023, 05:26:28 AM
Once again governments being shortsighted instead trying to get as many people as possible to keep their money in the country and report their tax. Since I couldn't find it in the article, I am curious what was the previous %, before this 30% flat tax?
The more I see situation around the world, the more I appreciate my country stance on crypto as over here (Croatia) our crypto tax is 10%, which goes to 0 if you can hold it for 2 years.
So that is like rewarding people to hold crypto. That is awesome move by your country. Other countries should learn from this. But I know that government will come up with new measures to find out all the details on foreign exchanges also.
Probably. And then people will try to find other ways to dodge paying.The more I see situation around the world, the more I appreciate my country stance on crypto as over here (Croatia) our crypto tax is 10%, which goes to 0 if you can hold it for 2 years.
January 05, 2023, 04:47:04 AM
Once again governments being shortsighted instead trying to get as many people as possible to keep their money in the country and report their tax. Since I couldn't find it in the article, I am curious what was the previous %, before this 30% flat tax?
The more I see situation around the world, the more I appreciate my country stance on crypto as over here (Croatia) our crypto tax is 10%, which goes to 0 if you can hold it for 2 years.
But I know that government will come up with new measures to find out all the details on foreign exchanges also.
Probably. And then people will try to find other ways to dodge paying.The more I see situation around the world, the more I appreciate my country stance on crypto as over here (Croatia) our crypto tax is 10%, which goes to 0 if you can hold it for 2 years.
January 05, 2023, 02:06:10 AM
Link to news
https://www.coindesk.com/policy/2023/01/04/indians-moved-over-38b-to-foreign-exchanges-since-crypto-tax-rules-research-study/
I have seen even my friends doing this. But I know that government will come up with new measures to find out all the details on foreign exchanges also. For the peace of mind, it is important to comply with tax rules of your country whether you deal in crypto or not.
https://www.coindesk.com/policy/2023/01/04/indians-moved-over-38b-to-foreign-exchanges-since-crypto-tax-rules-research-study/
I have seen even my friends doing this. But I know that government will come up with new measures to find out all the details on foreign exchanges also. For the peace of mind, it is important to comply with tax rules of your country whether you deal in crypto or not.
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