Indian government is trying to killed cryptocurrency (Bitcoin), and frustrate the Bitcoin community in the country. How can a reasonable government imposed heavy tax to his own citizens for making transactions in the crypto ecosystem.
The news came up yesterday from India media and says High Taxes Can Kill the Crypto Industry in India heavy taxation can't kill cryptocurrency, if the financial institutions tax the Bitcoin transaction heavily then they (Bitcoiners) should use p2p approach to bypass the tax.
Topic: This is going to be bad for the Indian Bitcoin community (Read 634 times)
Not a very good decision made by the government towards the crypto investers.Imposing 30% tax on profits will surely lead to tax evasion and government just want to milk it from the Bitcoin community without thinking of the outcome that people will face especially those who are small investors and do not have that much to invest in Bitcoin will bear losses.
This is an expected one, the government always wants to maximize profits at every opportunity.
By creating these taxation rules the government is indirectly not supporting the cryptocurrency.
Actually this shows support because instead of Banning they are allocating something that all cryptonians can generate profit and activities but of course with their taking part of those profit.By creating these taxation rules the government is indirectly not supporting the cryptocurrency.
and besides for me practically ? this is still best if Indian really wanted to generate crypto in their country ,
what is better, taxation or Banning?
best to choose and tell us what you think is good for crypto market .
This is an expected one, the government always wants to maximize profits at every opportunity.
By creating these taxation rules the government is indirectly not supporting the cryptocurrency.
By creating these taxation rules the government is indirectly not supporting the cryptocurrency.
Already the pressure tax can be seen on the volumes of mainly indian exchanges
The new law says 30% tax on all profits made and cannot be set off against any loss of other crypto
I guess Government motive as mentioned in the above post might be to mint money to cover covid related losses
Hope there will be some pressure from BIG exchanges on the Government and get the tax laws amended
The new law says 30% tax on all profits made and cannot be set off against any loss of other crypto
I guess Government motive as mentioned in the above post might be to mint money to cover covid related losses
Hope there will be some pressure from BIG exchanges on the Government and get the tax laws amended
I just wonder how many crypto users in India will be actually paying this high tax amount?
Most people will find ways to hide their crypto activities and they will least use the Indian exchanges. This law will only promote the black market and will discourage the use of crypto (probably this is the motive of the Indian government).
If there is no good response from the indian crypto commiunty, the government will be forced to change this decision. Aslo they have a big crypto community. Can't they rasie thier voice againist this law and ask the government to revise this crypto law and make it more crypto friendly ?
I haven't seen anywhere in the world that 30% tax is chagred on crypto. Is there any other example of this much tax on crypto world wide ?
Already the pressure tax can be seen on the volumes of mainly indian exchanges
The new law says 30% tax on all profits made and cannot be set off against any loss of other crypto
I guess Government motive as mentioned in the above post might be to mint money to cover covid related losses
Hope there will be some pressure from BIG exchanges on the Government and get the tax laws amended
The new law says 30% tax on all profits made and cannot be set off against any loss of other crypto
I guess Government motive as mentioned in the above post might be to mint money to cover covid related losses
Hope there will be some pressure from BIG exchanges on the Government and get the tax laws amended
I just wonder how many crypto users in India will be actually paying this high tax amount?
Most people will find ways to hide their crypto activities and they will least use the Indian exchanges. This law will only promote the black market and will discourage the use of crypto (probably this is the motive of the Indian government).
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Though I am not from India, this is not fair for crypto users. Look, because of this, people become so frustrated with their government. What we clearly see If I am not wrong, there might be one thing happening very soon. What people do with their general income to avoid GST. They might be doing the same with crypto. They will try to use alternative options like using decentralised wallets or doing p2p trades outside of exchanges where they have to face scams. But they took the risk. Well, I suggest doing one thing: holding your crypto, not selling it. Show your crypto to the bank and take a loan for living. HAHAHA. Well, it's really a bad decision from the government.
and come to think that you could still make out some conversions on other platforms as well without needing to touch up local exchange or platforms for this one.
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Though I am not from India, this is not fair for crypto users. Look, because of this, people become so frustrated with their government. What we clearly see If I am not wrong, there might be one thing happening very soon. What people do with their general income to avoid GST. They might be doing the same with crypto. They will try to use alternative options like using decentralised wallets or doing p2p trades outside of exchanges where they have to face scams. But they took the risk. Well, I suggest doing one thing: holding your crypto, not selling it. Show your crypto to the bank and take a loan for living. HAHAHA. Well, it's really a bad decision from the government.
Okay so last time, the Indian government has proposed a 30% tax on capital gains whatever profit do the citizens get from selling the assets.
But for this one.....argggh!!!!
Source: https://coinmarketcap.com/alexandria/article/this-will-kill-crypto-two-new-taxes-to-be-slapped-on-indian-investors-from-next-week
So not one, but two taxes that will be imposed starting next week. This is definitely bad (or shall I say worse) for the Indian crypto community. 1% for every transaction? What is the government thinking about this?
But for this one.....argggh!!!!
Source: https://coinmarketcap.com/alexandria/article/this-will-kill-crypto-two-new-taxes-to-be-slapped-on-indian-investors-from-next-week
So not one, but two taxes that will be imposed starting next week. This is definitely bad (or shall I say worse) for the Indian crypto community. 1% for every transaction? What is the government thinking about this?
unless you can learn the difference between tax evasion(bad/illagal) and tax avoidance(good/legal) then you will be hit by such taxes
one of the many loopholes of legal avoidance is to not treat investments as income/capital gains.
instead treat it as 'gifts' or even 'personal loans' to yourself.
thats right even the UK treasury ministers wife who is lives in the UK but has indian based investments managed to avoid tax by 'loaning' to herself share dividends she got from her fathers indian business. and her own other businesses.
so treat all withdrawals not as income or cashing out an investment. but instead as a 'personal loan' from your online pseudonym to your human born self
im not offering official financial advice. but its worth looking into tax law and finding a proper financial adviser to get the details correct. but if the UK treasury ministers wife can do it and avoid paying UK tax on her indian investments.. then it must be a good idea
Such step will discourage people to use bitcoin and will increase illegal activities. It Isn’t easy to be always profitable when you have to pay tax for each even double tax. Due to scammers and during bear market people losing their assets. Its fine if they want tax but this high percentage of tax might be ruin the real value of crypto in india. But I'm optimistic that, they'll discuss again regarding this matter
I do not think this is completely accurate, this will not discourage the use and the adoption of bitcoin, what this is going to discourage is the interest from the citizens and the residents of India to pay their due taxes, since the taxes are so high then people will think that this is not really a legitimate effort from the Indian government to legitimize bitcoin and other cryptocurrencies and as such they will ignore it, which means the government of India will still get no taxes out of this while raising the skepticism of the bitcoin community that lives there. Quote
What are your thoughts on this guy regarding the double taxation imposed by the Indian government on its crypto citizens?
the measures taken by the Indian authorities on charging a 1% tax could be a double-edged sword; this decision would bring many benefits to the country, it would generate more income and also control this market in more detail and although it may entail much more work than with traditional currencies it would be worth the sacrifice if the results are successful, the other hand this would greatly affect crypto miners, leading them to reduce their efficiency and look for other countries where the tax burden is not so high.
India should review its strategies again in order for both to win so that they continue to generate more income and the mining companies can work without any pressure.
Such step will discourage people to use bitcoin and will increase illegal activities. It Isn’t easy to be always profitable when you have to pay tax for each even double tax. Due to scammers and during bear market people losing their assets. Its fine if they want tax but this high percentage of tax might be ruin the real value of crypto in india. But I'm optimistic that, they'll discuss again regarding this matter
Not totally illegal but most likely people would really go into grey area on where they do hid up themselves and never ever tend to touch up centralized platforms or exchangers because if they do then that would really be putting theirselves into trouble. Imposing 30% is already absurd and now they are charging 1% for each transaction? Who citizen would really be glad for imposing such regulation?Its totally bad but doesnt mean that it would completely be enough on stopping them on engaging into crypto.We are still free as bird.
Such step will discourage people to use bitcoin and will increase illegal activities. It Isn’t easy to be always profitable when you have to pay tax for each even double tax. Due to scammers and during bear market people losing their assets. Its fine if they want tax but this high percentage of tax might be ruin the real value of crypto in india. But I'm optimistic that, they'll discuss again regarding this matter
What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!
They could impose but they should know the fact that citizens could make out still some transactions that is out of their radar unless if these people would touch up centralized platforms which they would really be knownif ever they do tend to evade taxes but if not then they could be still able to save up themselves with these horrendous taxes which is just too much.Imagine on having that 30% plus 1% on every transactions.
They are really that abusing their power on where it would be leading for crypto users in india on having no choice specially on fiat conversion.
I feel like the Indian government has just realized that there's nothing that can stop cryptocurrencies and people using it.
So they just thought of why not making money from the current situation instead. I guess they followed "Make hay while the sun shines" too seriously.
Only time can tell whether this decision that they have taken will be for their good or worse.
If that is the case then that is the wrong way to go about this, it seems logical that if they raise taxes then they can get more money out of the citizens, but it reaches a point in which people begin to actively avoid paying their due taxes if the taxes are too high or unfair.So they just thought of why not making money from the current situation instead. I guess they followed "Make hay while the sun shines" too seriously.
Only time can tell whether this decision that they have taken will be for their good or worse.
I doubt the capital gains taxes are as high for other assets, so when the people that are trading cryptocurrencies see this they will see those taxes as punitive and they will do their best to avoid them.
It would have been better for the Indian government to set the capital gains taxes for cryptocurrencies as high as for any other asset, as in that way the holders and traders which use cryptocurrencies will see this as a way to legitimize bitcoin and they will be open to pay the government the taxes they are due.
Yes you are right Because I live in India, and for the last two-three years I have been working in this crypto industry. I am deeply saddened by the way the government has taken this step. In spite of such a high level of government, he is trying to suppress the technology that he has today, I believe. India is a developed country and young Indians between the ages of 15 and 6, many of whom are involved in the crypto industry. They are the ones who accept the new technology and are capable of creating high quality technology in it, but after the government imposes 30% tax, many new Indian youth will leave this country, I believe because developed countries like America are now making full use of this technology. has been doing. It welcomes new researchers. So Indian youth will go that way.
I feel like the Indian government has just realized that there's nothing that can stop cryptocurrencies and people using it.
So they just thought of why not making money from the current situation instead. I guess they followed "Make hay while the sun shines" too seriously.
Only time can tell whether this decision that they have taken will be for their good or worse.
So they just thought of why not making money from the current situation instead. I guess they followed "Make hay while the sun shines" too seriously.
Only time can tell whether this decision that they have taken will be for their good or worse.
I think this is a bad decision, 30% tax is too high. This decision negatively affects investors in India, instead of people will fully fulfill their tax obligations, people will find ways to circumvent the law and evade taxes. Maybe they admit that they can't ban crypto and now their greed has surfaced. It is true that the government can never be trusted, they use all kinds of tricks to make their own profit.
Already the pressure tax can be seen on the volumes of mainly indian exchanges
The new law says 30% tax on all profits made and cannot be set off against any loss of other crypto
I guess Government motive as mentioned in the above post might be to mint money to cover covid related losses
Hope there will be some pressure from BIG exchanges on the Government and get the tax laws amended
The new law says 30% tax on all profits made and cannot be set off against any loss of other crypto
I guess Government motive as mentioned in the above post might be to mint money to cover covid related losses
Hope there will be some pressure from BIG exchanges on the Government and get the tax laws amended
I feel like the Indian government has just realized that there's nothing that can stop cryptocurrencies and people using it.
So they just thought of why not making money from the current situation instead. I guess they followed "Make hay while the sun shines" too seriously.
Only time can tell whether this decision that they have taken will be for their good or worse.
So they just thought of why not making money from the current situation instead. I guess they followed "Make hay while the sun shines" too seriously.
Only time can tell whether this decision that they have taken will be for their good or worse.
This is an expected one, because the ruling government have never participated in any of the interview to give their clear view on cryptocurrency usage. Once bill is passed in the parliament, they won't think of common public. The opposition party requested clarity on the law. For this, finance minister have an explanation stating we're into discussion and the plan is whether to continue if or not.
They don't need to participate in any interview to show the citizens where their interest in crypto lies, judging from the heavy taxes they are imposing it is very clear they are not for crypto, they are using taxes to frustrate the crypto community, for now the citizens have no choice than to go along with it, but maybe when there are people who can speak against it, probably they will revise the law and propose something that is less harsh.
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