This is going to be bad for the Indian Bitcoin community - page 2.

Ale88

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Quote from: cheezcarls on March 26, 2022, 12:57:57 PM

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?

I have read many stupid stuff about regulations, but this one is really on another level. It's a really pity for the Indian community. Anyway as far as I can remember the Indian government has always been against cryptos, taxation at 30% was somehow acceptable even though is pretty steep, the 1% tax on transaction is a really unfair move.

seoincorporation

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This is tricky because the 30% is only against profit. So, if someone invests $1,000 and withdraws $1,100, 30% of the profit will be $30. So, 30% sounds like a huge amount but is only applied to the profit.

The other tax of 1% on each transaction is ridiculous and that will only low the amount of transactions but not the capital.

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Quote from: Xal0lex on March 29, 2022, 03:01:25 PM

Quote from: cheezcarls on March 26, 2022, 12:57:57 PM

What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!

As of April 1 of this year, this law is in force, despite all the amendments submitted to it by the Indian government. They have all been rejected. Of course, such high fees are robbery, but if you compare it to the fact that not so long ago India had a total ban on cryptocurrencies in general, it is not so disastrous.

Yes, this law is flawed, it does not take into account many things and the government ignores any expert opinion in the field of cryptocurrencies regarding this law. The only hope is that in time the authorities themselves will understand the imperfection of these calculations and rates and reconsider their attitude to this law, as they once did with the total ban. I read that all traders in this country were advised to close all their positions by March 31, otherwise they may face heavy losses.

Whether I am right or not this policy is indeed quite flawed and more to suppress freedom in India. Moreover, India has a high level of popularity in contributing to the growth of cryptocurrencies. So far I have not found any response from the Indian Bitcoin community regarding the law. At first, glance, if you can guess this will make them disagree.

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Quote from: cheezcarls on March 26, 2022, 12:57:57 PM

What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!

As of April 1 of this year, this law is in force, despite all the amendments submitted to it by the Indian government. They have all been rejected. Of course, such high fees are robbery, but if you compare it to the fact that not so long ago India had a total ban on cryptocurrencies in general, it is not so disastrous.

Yes, this law is flawed, it does not take into account many things and the government ignores any expert opinion in the field of cryptocurrencies regarding this law. The only hope is that in time the authorities themselves will understand the imperfection of these calculations and rates and reconsider their attitude to this law, as they once did with the total ban. I read that all traders in this country were advised to close all their positions by March 31, otherwise they may face heavy losses.

jgaonkar

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I hope Fin. Minster doesn't propose to charge direct tax also like GST in the next budget session Grin

. or may ask to take GST number those who are doing bitcoin mining,considering it is a service. 30% is too high. Banda nichodega kya aur pehnega kya?.

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How, in my opinion, will they put it into action? As far as I'm aware, a task force will be in charge of monitoring this, and a law is being drafted, which I believe will allow people to evade the law during its initial implementation. However, I'm not sure what their tactics will be in dealing with those who do evade the law. Do they begin with the financial institutions? because this is the actual source from which cryptocurrency holders and sellers obtain their digital assets when they sell them. Although it is still up for debate in my mind, I am confident that there will be evading this, which is extremely bad news for the entire world. If this is implemented successfully in India, I believe that other governments will follow suit.

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Quote from: cheezcarls on March 26, 2022, 12:57:57 PM

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?

It'll create a heavy burden in the hard earned money of the Indian crypto community. As the title says "This will kill crypto" and expecting that the trading volume in India will experience a sharp decline after this comes into full effect.

What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!

I know how tax really a burden to all investors and businesses because this is a cut to their income/profit but we must understand that crypto is decentralized system and volatile that while we are paying big taxes as we are also earning Bigger , government will never take all our profit instead they will take what they think is fair and enough for both parties to benefits.

the problem with people nowadays they are thinking that all of their income must be directly goes to their actual funds..

things that never will happen (Unless you are in Illegal business) as long as you are dealing with legitimate operation then expect taxation no matter how big government will allot on you.

thecodebear

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Honestly sounds like it'll just end up encouraging people to HODL Bitcoin. If you're paying 1% per transaction, and if that includes trades, then that's like adding 1% trading fee but it goes to govt instead of exchange. I think that would kill off most short term trading, but it wouldn't really affect long term investing. If you're looking to hold Bitcoin for years and make hundreds or thousands of percent, 1% isn't a big deal. It is very arbitrary and scummy by the govt to make an absurd tax like that that only arbitrarily only applies to crypto, obviously with the point of discouraging crypto use, but the Indian govt is pretty oppressive when it comes to money policy so it isn't a total surprise that they are doing something scummy like this.

Basically this discourages transacting, which therefore, in relative fashion, encourages holding.

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Quote from: arwin100 on March 28, 2022, 05:21:19 PM

All will be settle on proper discussion if Indian citizens will create a forum about this issue and raise the idea about lowering down the taxes taken from them for sure government will consider since no one will push this if many of their citizens will disagree about future implementation since the politician who push this will be in bad shape in terms on his political career. So I guess their citizens who use crypto should settle this so that the government could see their disagreement towards this huge taxation to them.

Petition on Cryptocurrency Tax

Number of people that have signed the petition seems to be very low considering the population and the growth of cryptocurrency network within the country. People need to make additional measures for the same.

Government's Stand on Tax

Quote

“The government has not accepted any suggestions of the crypto industry to tone down the crypto taxation but has in fact tightened the taxation rules making it tougher and perhaps, almost impossible for daily traders and the exchanges to conduct activities in India,”

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Quote from: 24Kt on March 28, 2022, 05:17:36 PM

Quote from: Minecache on March 28, 2022, 02:10:43 PM

Quote from: MinMan on March 28, 2022, 01:21:53 PM

What a greedy government? So, 30% of taxes wasn’t enough for them and they still went ahead to add 1% for every transaction. Sometimes I don’t get what the government thinks about cryptocurrency. It seems they think that crypto investors are billionaires who are cashing in money every minutes of the day? Lol it’s very bad how they keep making it look like that.

This would likely so many investors, imagine having to pay that much from the profit you have made and additional 1% from the transactions. Although I wouldn’t say the 1% is much, but that 30% tax is heavy. But I am guessing this will only apply when you’re making use of CEX.

Actually, I can't go oppose about govt.
After several banning attempts, at least they can realize that they should have to allow their people to use bitcoin and cryptocurrency.
Now, come to the tax issue, Actually, without regulation, no govt will allow their people to use Bitcoin freely. To manage the regulatory body properly they have to charge their people it is simple. So, the best thing I can say now is people can use bitcoin anonymously and they can do face-to-face deals or P2P deals to avoid excessive tax. Also, people can protest to reduce the tax.

They can always negotiate with their government if they feel that the percentage is too much especially for small crypto traders. And yes, one way is to use p2p trading but make sure to use reputable platforms. People will find their ways how to go around this government mandate. But at least, the government is already accepting the legality of bitcoin or crypto in their country, better than totally banning its existence.

All will be settle on proper discussion if Indian citizens will create a forum about this issue and raise the idea about lowering down the taxes taken from them for sure government will consider since no one will push this if many of their citizens will disagree about future implementation since the politician who push this will be in bad shape in terms on his political career. So I guess their citizens who use crypto should settle this so that the government could see their disagreement towards this huge taxation to them.

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Quote from: Minecache on March 28, 2022, 02:10:43 PM

Quote from: MinMan on March 28, 2022, 01:21:53 PM

What a greedy government? So, 30% of taxes wasn’t enough for them and they still went ahead to add 1% for every transaction. Sometimes I don’t get what the government thinks about cryptocurrency. It seems they think that crypto investors are billionaires who are cashing in money every minutes of the day? Lol it’s very bad how they keep making it look like that.

This would likely so many investors, imagine having to pay that much from the profit you have made and additional 1% from the transactions. Although I wouldn’t say the 1% is much, but that 30% tax is heavy. But I am guessing this will only apply when you’re making use of CEX.

Actually, I can't go oppose about govt.
After several banning attempts, at least they can realize that they should have to allow their people to use bitcoin and cryptocurrency.
Now, come to the tax issue, Actually, without regulation, no govt will allow their people to use Bitcoin freely. To manage the regulatory body properly they have to charge their people it is simple. So, the best thing I can say now is people can use bitcoin anonymously and they can do face-to-face deals or P2P deals to avoid excessive tax. Also, people can protest to reduce the tax.

They can always negotiate with their government if they feel that the percentage is too much especially for small crypto traders. And yes, one way is to use p2p trading but make sure to use reputable platforms. People will find their ways how to go around this government mandate. But at least, the government is already accepting the legality of bitcoin or crypto in their country, better than totally banning its existence.

Fortify

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Quote from: cheezcarls on March 26, 2022, 12:57:57 PM

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?

It'll create a heavy burden in the hard earned money of the Indian crypto community. As the title says "This will kill crypto" and expecting that the trading volume in India will experience a sharp decline after this comes into full effect.

What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!

While a trading tax could be useful to stop volatility, it'd be wise to have it much smaller or a fixed amount instead of a percentage based fee. However it seems that greedy politicians would prefer to tax this technology out of existence rather than see useful longterm benefits from it. It might stop it being used as a form of overseas foreign exchange for this country as the fees would start to rival existing fiat currency middlemen. There are definitely better ways to go about taxing cryptocurrency and it could easily fall within the yearly taxable income of individuals without stifling this trade - in fact that is likely to generate even more revenue because it allows huge traders to work most effectively.

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Quote from: MinMan on March 28, 2022, 01:21:53 PM

What a greedy government? So, 30% of taxes wasn’t enough for them and they still went ahead to add 1% for every transaction. Sometimes I don’t get what the government thinks about cryptocurrency. It seems they think that crypto investors are billionaires who are cashing in money every minutes of the day? Lol it’s very bad how they keep making it look like that.

This would likely so many investors, imagine having to pay that much from the profit you have made and additional 1% from the transactions. Although I wouldn’t say the 1% is much, but that 30% tax is heavy. But I am guessing this will only apply when you’re making use of CEX.

Actually, I can't go oppose about govt.
After several banning attempts, at least they can realize that they should have to allow their people to use bitcoin and cryptocurrency.
Now, come to the tax issue, Actually, without regulation, no govt will allow their people to use Bitcoin freely. To manage the regulatory body properly they have to charge their people it is simple. So, the best thing I can say now is people can use bitcoin anonymously and they can do face-to-face deals or P2P deals to avoid excessive tax. Also, people can protest to reduce the tax.

MinMan

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What a greedy government? So, 30% of taxes wasn’t enough for them and they still went ahead to add 1% for every transaction. Sometimes I don’t get what the government thinks about cryptocurrency. It seems they think that crypto investors are billionaires who are cashing in money every minutes of the day? Lol it’s very bad how they keep making it look like that.

This would likely so many investors, imagine having to pay that much from the profit you have made and additional 1% from the transactions. Although I wouldn’t say the 1% is much, but that 30% tax is heavy. But I am guessing this will only apply when you’re making use of CEX.

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Quote from: jaberwock on March 27, 2022, 04:49:22 PM

You are very lucky to be living in a country where the government understands what they should be doing. Well it isn’t the same in my own country. There is no tax, but the government has gone ahead to ban cryptocurrency in my country for long now. But, that doesn’t mean that we all stopped making use of cryptocurrency, we are all still investing in cryptocurrency and even using it for transaction till today.

In this situation, I would say that the government are the ones who loses the battle, because it never stopped the cryptocurrency community in my country. Rather we all moved into making use of decentralized exchanges and non custodial wallets. Everything has been working fine and there’s no problem at all. If I was living in India don’t think I’m ready to pay up to that much for taxes.

Most sadness what happen with our friend on cryptocurrency at India where they have trouble with banned of using cryptocurrency and have another crazy planning with 30% taxes. Just got lucky with my country still allowed using crypto as investment assets or could be trading way although still not adopted as legal currency payment. Maybe need communication between Indian cryptocurrency user and their government finding good decision between both side and most benefit each other.

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Quote from: cheezcarls on March 26, 2022, 07:43:44 PM

Quote

Why so emotional about this?

I'm not from India, but imagine if this is also implemented in the country I lived in. The 1% transaction is definitely painful. Double tax is too much. For now, my country doesn't have crypto taxes yet as we're one of the friendliest. And our taxes are just based on realized income only like conversion from crypto to fiat. I don't want this to happen to my country one day. We're already fine with what the government is taxing us normally based on realized income only.

Why not compare it to other industries where tax like that is applied since you don't have it on crypto yet? Look up what TDS is and you'll find out it is essentially the same as withholding tax.

Does is apply to stocks? Does it apply to gold? Did it kill those industries because of the witholding tax?

Witholding taxes can be claimed as tax credits when filing for income tax returns.

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Quote from: cheezcarls on March 26, 2022, 07:43:44 PM

I'm not from India, but imagine if this is also implemented in the country I lived in. The 1% transaction is definitely painful. Double tax is too much. For now, my country doesn't have crypto taxes yet as we're one of the friendliest. And our taxes are just based on realized income only like conversion from crypto to fiat. I don't want this to happen to my country one day. We're already fine with what the government is taxing us normally based on realized income only.

You are very lucky to be living in a country where the government understands what they should be doing. Well it isn’t the same in my own country. There is no tax, but the government has gone ahead to ban cryptocurrency in my country for long now. But, that doesn’t mean that we all stopped making use of cryptocurrency, we are all still investing in cryptocurrency and even using it for transaction till today.

In this situation, I would say that the government are the ones who loses the battle, because it never stopped the cryptocurrency community in my country. Rather we all moved into making use of decentralized exchanges and non custodial wallets. Everything has been working fine and there’s no problem at all. If I was living in India don’t think I’m ready to pay up to that much for taxes.

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Quote from: cheezcarls on March 26, 2022, 12:57:57 PM

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?

It'll create a heavy burden in the hard earned money of the Indian crypto community. As the title says "This will kill crypto" and expecting that the trading volume in India will experience a sharp decline after this comes into full effect.

What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!

I do not think so, the government of India is just showing their true colors, this is either a soft ban, basically they are trying to ban bitcoin without actually doing so, or they are trying to get money out of this, however what this will cause is that people will begin to trade P2P with more frequency in order to avoid those ridiculous taxes, and personally I am in favor of this as people take the easy road of using centralized exchanges to trade their coins while exposing themselves to abuses from the government, like what we are seeing at India right now.

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Quote from: cheezcarls on March 26, 2022, 12:57:57 PM

What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!

What the Indian government is doing is gripping financial freedom within the crypto decentralized structure. Taking the actual share is too big if 30%. Imagine if this becomes prolonged, then another tax will propose to take more than the specified percentage. It looks like the Indian government is smelling the huge cash inflows flowing beyond the supervision of the digital finance minister. So no wonder they apply 30% to take a share of crypto revenue. But in the end, this impact will swell and burden the crypto community not to pull it into fiat above 30%.

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You can expect a regulation like this won't be restricted to India. Centralized exchanges and trading activity are money pots for local governments.

It's unlikely this 1% fee will impact trading volume negatively, because most traders aim and hope to make huge profit percentage, so 1% isn't a problem at first glance. After all traders end losing money, because the reality is different from the initial expectations, what doesn't make any difference for governments anyway, as they will be profiting in every cases.

As we can see it's a very unfair regulation for traders, but that won't decrease the frequency and amount of funds people are going to trade.

Topic: This is going to be bad for the Indian Bitcoin community - page 2. (Read 675 times)