India's confusing crypto bill - page 3.

btc78

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Quote from: kentrolla on February 13, 2022, 01:44:13 PM

Recently India has passed a crypto bill to tax crypto income by 30% but at the same time claiming that taxing cryptos doesn't make them legal and states it's country's sovereign right to tax crypto and this atrocity doesn't stop here as they have mentioned that the decision about banning crypto or legalizing it will taken after further consultation.

Can they tax something which is not legal? How can a country tax something which is not legal? Moreover they still have plans of banning crypto since they are not clear about their stands on legalization. Not sure if it's an attempt to unofficially break the crypto market in India or what's going on.

Share your thoughts on this.

Source: https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms

When will we be stopped tackling this damn country? for all my years here in crypto .. India had been in the news here and there about their inconsistent stand in crypto currency.

I think we should stop mentioning this country until they find the right way in treating this currencies.

Now here they are putting confusing Bill? are they playing around us here?

Jawhead999

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Well they're making the conditions become worse than previous, I don't see any reason why should Indian citizen using local exchanges (e.g. WazirX) instead of using decentralized exchanges to hide laws and tax avoidable. This is just like double standard, they don't allow their citizens to have crypto since it's illegal sources... but they do taxed the illegal sources to earn money. Until Bitcoin will be accepted or legal tendered in various citizens, we will see other country will unbanning Bitcoin.

Lanatsa

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Quote from: n0ne on February 13, 2022, 06:26:34 PM

It is like they're testing the emotions of the people. If someone have come out to protest, then this could've been made a big drama. Now the government is in a situation not to make any decision on it. Only for the reason it is being taxed heavily and hasn't given any statement on its legality. The government might've thought that people will confess and start paying taxes, but that isn't happening. The targeted revenue out of crypto taxation isn't possible, because people look for alternate ways to use it than paying such a big tax to have our own freedom on finance.

Possible but I don't see that they are playing their citizens emotions but in regardless on what the situation there would be always those kind of reactions whatever decision they would be making
and its just normal that people would really be having that confusion in mind.

Whether they would be legalizing it so that they could tax on it or would totally get rid by banning it but of course they would be losing that taxation.So if their government
would really be spotting out on the probabilities in terms of benefits then we might be seeing some legalization.

DapanasFruit

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For many years now, the Indian government has had been holding the cryptocurrency industry - which is very much a booming industry in India - in great suspense as to how it will really treat it under its regulatory power. And we in the outside assumed that because it is about to tax crypto transactions and income it can mean that it is now signaling of its eventual legalization. So we are so wrong with this assumption because the two topics are essentially not related to each other as the country has a history of grabbing tax revenues from businesses they still considered to be illegal. Funny but if they can tax illicit distribution of harmful drugs maybe they will also do it. Anyway, we are still hoping that eventually the government can have a unified stand on this matter and there will be no ban whatsoever because they could have done it months ago...we know that they are really salivating of the tax they can get from cryptocurrency business.

n0ne

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It is like they're testing the emotions of the people. If someone have come out to protest, then this could've been made a big drama. Now the government is in a situation not to make any decision on it. Only for the reason it is being taxed heavily and hasn't given any statement on its legality. The government might've thought that people will confess and start paying taxes, but that isn't happening. The targeted revenue out of crypto taxation isn't possible, because people look for alternate ways to use it than paying such a big tax to have our own freedom on finance.

Smartvirus

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It's so funny when these guys get this confused on what step to take. This si so out of place on there side, abnormal or illegal taxing of cryptos. I'm having a thought here and

1. Its either they are test run how possible it would be to tax crypto facilities and crypto earners. In a way, they could see how much that could be generated from this activity or
2. They raised the quota so high so as to discourage those engaged in any crypto related activities.

In anyway, even if I am wrong, they are greatly confused with there stands, calling it illegal and yet taxing it. If you ask me, that's what bribery feels like.

7788bitcoin

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Quote from: kentrolla on February 13, 2022, 01:44:13 PM

Can they tax something which is not legal? How can a country tax something which is not legal? Moreover they still have plans of banning crypto since they are not clear about their stands on legalization. Not sure if it's an attempt to unofficially break the crypto market in India or what's going on.

The legality of Bitcoin is discussed for a long time here in this forum and you could find many threads talking about the ban unban and many more theories about how India is going to deal with the entire cryptocurrency market. I am not sure about the volume of investors in the space from India but taxing them means it is legal in India and years long rumors of banning bitcoin and cryptocurrency are false.

If the government were planning to ban the entire market, i am sure they will not add them in the tax bracket.

CaVO32

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Quote from: The Cryptovator on February 13, 2022, 02:41:25 PM

So if not legal yet, using cryptocurrency will consider a crime? It's like some countries have been taxing alcohol drinks but it's illegal I'm their country. India making drama form while. They just make things more complicated and encourage people to use cryptocurrency in the black market. Officially announced about Tax, but not yet finalized whether it's legal or illegal. It's just a ridiculous statement to me, not only confusing.

They couldn't make up their mind towards crypto. If they don't know the status of crypto in their country, how can they tax their citizens? Because if their citizens don't know if usage is legal or not, more than likely, their people will hide their crypto transactions from their government so how can they be taxed? India may have confusing stance towards crypto because, they want to get a hold of their crypto users by taxing them, and yet, they don't want to legalize the use of it yet. Roll Eyes

DaveF

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The US has the same thing where if you have a source of illegal income you still have to pay taxes on it. Because if you do get caught, on top of everything else you get hit with tax penalties and possible criminal tax avoidance charges. There are other countries that behave the same way.

Laws and politicians may come and go, but the tax people always get their money.

-Dave

milewilda

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Quote from: kentrolla on February 13, 2022, 01:44:13 PM

Share your thoughts on this.

They would be always having that decisive point depending on whats up into their minds and ending up neither they would be legalizing it or totally bans it and its true
that they couldnt impose taxes on something which isnt even considered legal and you would really be boggling up your mind on whats happening which it isnt
really surprising that certain conditions could really give out these kind of scenarios which it isnt really that surprising.They are the ones who do have
the final say on which path they would be taking on.

The Cryptovator

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So if not legal yet, using cryptocurrency will consider a crime? It's like some countries have been taxing alcohol drinks but it's illegal I'm their country. India making drama form while. They just make things more complicated and encourage people to use cryptocurrency in the black market. Officially announced about Tax, but not yet finalized whether it's legal or illegal. It's just a ridiculous statement to me, not only confusing.

teosanru

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Quote from: kentrolla on February 13, 2022, 01:44:13 PM

Recently India has passed a crypto bill to tax crypto income by 30% but at the same time claiming that taxing cryptos doesn't make them legal and states it's country's sovereign right to tax crypto and this atrocity doesn't stop here as they have mentioned that the decision about banning crypto or legalizing it will taken after further consultation.

Can they tax something which is not legal? How can a country tax something which is not legal? Moreover they still have plans of banning crypto since they are not clear about their stands on legalization. Not sure if it's an attempt to unofficially break the crypto market in India or what's going on.

Share your thoughts on this.

Source: https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms

Yes, they have always been taxing what is not legal. Gambling they tax heavily and gambling is not legal within the territory of India but yet from the very start gambling income is taxed heavily in the country. Even though I don't agree with this sort of draconian law on crypto but still 30% tax is still bearable. What is not at all bearable is the hefty 1% TDS that will be levied on sale proceeds every time you will make a sale. This doesn't make any sense and is irrational and is a deliberate technique to stop crypto trading in India. What I see from here is that they might in the coming months ban the foreign exchanges altogether and then eventually ban cryptos. They think this way they might get rid of it in phased manner.

kentrolla

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Recently India has passed a crypto bill to tax crypto income by 30% but at the same time claiming that taxing cryptos doesn't make them legal and states it's country's sovereign right to tax crypto and this atrocity doesn't stop here as they have mentioned that the decision about banning crypto or legalizing it will taken after further consultation.

Can they tax something which is not legal? How can a country tax something which is not legal? Moreover they still have plans of banning crypto since they are not clear about their stands on legalization. Not sure if it's an attempt to unofficially break the crypto market in India or what's going on.

Share your thoughts on this.

Source: https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms

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