Topic: Report: Indian Government Considers Tax on Bitcoin Purchases (Read 553 times)
I have seen my recent withdrawal using unocoin [fee 1.00% + GST 18.00% on Fee deducted] I dont even know after going transfering to bank account do in need to pay tax for that by declaring TDS any information please help me.
There are no taxes today on bitcoin funding in India? Not even about trading gains?
If bitcoins are taxed, it means they are legal and that's really a great news to hear. Hope they don't make it more than the GST percentage.
Indeed it is good news .. but i hope too that it don't fall under 28% tax slab .. :/
Yeah. I'm alright as long as the taxes aren't ridiculously high.
If bitcoins are taxed, it means they are legal and that's really a great news to hear. Hope they don't make it more than the GST percentage.
http://www.coindesk.com/report-indian-government-considers-tax-bitcoin-purchases/
Local reports indicate that India may put in place a goods-and-services tax on bitcoin purchases.
Indian officials have been meeting for months to develop a legal framework for digital currencies, forming a special task force in April to study the issue and develop possible options. The question of legality for the tech under Indian law has been subject to speculation in the past, especially following public statements that, at one point, were interpreted as a blanket ban on bitcoin.
Regional news service The Hindu reports that new details on that process are emerging, including the possibility of taxes. Notably, according to one official's account, the topic of banning cryptocurrencies was indeed broached during a recent meeting – but in the end, the proposal received little support.
The official told the publication:
"Banning will give a clear message that all related activities are illegal and will disincentivize those interested in taking speculative risks, but it was pointed out it will impede tax collection on gains made in such activities and that regulating the currency instead would signal a boost to blockchain technology, encourage the development of a supervision ecosystem (that tracks legal activities and may also assist in tracking illegal activities) and promote a formal tax base."
Trading activity may also come under the jurisdiction of the Securities and Exchange Board of India (SEBI), which regulates the country's securities market.
more : http://www.coindesk.com/report-indian-government-considers-tax-bitcoin-purchases/
Local reports indicate that India may put in place a goods-and-services tax on bitcoin purchases.
Indian officials have been meeting for months to develop a legal framework for digital currencies, forming a special task force in April to study the issue and develop possible options. The question of legality for the tech under Indian law has been subject to speculation in the past, especially following public statements that, at one point, were interpreted as a blanket ban on bitcoin.
Regional news service The Hindu reports that new details on that process are emerging, including the possibility of taxes. Notably, according to one official's account, the topic of banning cryptocurrencies was indeed broached during a recent meeting – but in the end, the proposal received little support.
The official told the publication:
"Banning will give a clear message that all related activities are illegal and will disincentivize those interested in taking speculative risks, but it was pointed out it will impede tax collection on gains made in such activities and that regulating the currency instead would signal a boost to blockchain technology, encourage the development of a supervision ecosystem (that tracks legal activities and may also assist in tracking illegal activities) and promote a formal tax base."
Trading activity may also come under the jurisdiction of the Securities and Exchange Board of India (SEBI), which regulates the country's securities market.
more : http://www.coindesk.com/report-indian-government-considers-tax-bitcoin-purchases/
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