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 675 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.
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. 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?
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.
The other tax of 1% on each transaction is ridiculous and that will only low the amount of transactions but not the capital.
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.
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.
I hope Fin. Minster doesn't propose to charge direct tax also like GST in the next budget session 
. 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?.
. 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?.
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.
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!
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.
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.
Basically this discourages transacting, which therefore, in relative fashion, encourages holding.
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.
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
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“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,”
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.
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.
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.
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.
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!
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.
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.
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.
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.
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.
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. 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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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.
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.
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.
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. 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!
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%.
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.
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.
I am wondering how the government will handle non-custodial wallets transactions and DEX trade. And 30% Tax with 1% of transactions is quite ridiculous. It would apply only to Indian exchange, and likely India would notice all the exchanges as well. This will drive the trade of cryptocurrency in the black market in India. The rules look like discourage citizens from using Bitcoin. And yea, I agree that it's like cryptocurrency killing Misson. Indian government should research more about cryptocurrency and reconsider their decisions about TAX.
They do not have a plan to track DEX trades. The only way they can get the trading data is through the Indian exchanges running from Indian soil. It has been made mandatory for all users to complete full KYC and every single data to be transmitted to the government and Income tax department. That's why I was always very vocal against using India crypto exchanges. You would have no privacy on your crypto holding.
I don't think Indian government would reconsider this tax. Because the Finance ministry is seeing huge pressure from the banking lobby to completely ban cryptocurrencies in India. We all were expecting the same but never though that they will come up with 30% tax and no loss offset. They will probably wait for one or two years to see how much tax crypto is generating before taking a final decision on banning it! I mean, that's what we can expect from a regressive government!
I am wondering how the government will handle non-custodial wallets transactions and DEX trade. And 30% Tax with 1% of transactions is quite ridiculous. It would apply only to Indian exchange, and likely India would notice all the exchanges as well. This will drive the trade of cryptocurrency in the black market in India. The rules look like discourage citizens from using Bitcoin. And yea, I agree that it's like cryptocurrency killing Misson. Indian government should research more about cryptocurrency and reconsider their decisions about TAX.
This is basically day light robbery. The people who thought of this are greedy bastards. Imagine how big 1% per transaction is on top of the high transaction fees right now. This will easily turn off people who are about to get themselves into this industry and many may just get lut of it all together. This is insane! Have they no compassion for their fellow countrymen that are striving hard to open new doors for a better life? The very leaders that the people expect to help them are the ones pinning the people down and ridding them off of the chance for a better life! This is worrisome and sickening.
The government of India I believe is stll having some lack of clarity about cryptocurrencies. Although the 30% tax is at least fine rather than just an outright ban, but the additional 1% tax per transaction is a different story which is somewhat “controversial”.
Yes the Indians are thankful that the government aren’t banning cryptocurrencies, but comes with a heavy price on paying high taxes (especially per transaction). For sure, the government isn’t fully-friendly on the crypto industry.
Yes the Indians are thankful that the government aren’t banning cryptocurrencies, but comes with a heavy price on paying high taxes (especially per transaction). For sure, the government isn’t fully-friendly on the crypto industry.
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.
And India has not really a Crypto loving country as of the time so yes i think this has been expected to come literally for the crypto users in that region .How i wish that the government will give credit to how the cryptonians brining economy to them and not just them taking taxes from their efforts.
The government always wants to take advantage, from every trade and transaction we do, the government does not want to lose, they will impose taxes on all crypto users, maybe from taxes the government takes profits, so it will have a bad impact on the bitcoin community in India, because the government does not provide facilities and convenience to the bitcoin community, but they only want profit from crypto currency.
Out of curiosity though, just how many of you guys are going to be affected by this new tax? Not the 30%, the 1% on every trade (which if I understand is only on trades, not on spend transactions).
I mean, are you guys regularly trading to the point that this is bad for you? I mean, honestly speaking, I do end up paying just about that amount exchanging my crypto to fiat, I imagine if Indians got big enough a network and did P2P with very low spreads, that 1% could be equivalent to what someone like me would pay.
The comments I'm seeing sounds like the "Indian Bitcoin community" is just full of traders rather than users.
I mean, are you guys regularly trading to the point that this is bad for you? I mean, honestly speaking, I do end up paying just about that amount exchanging my crypto to fiat, I imagine if Indians got big enough a network and did P2P with very low spreads, that 1% could be equivalent to what someone like me would pay.
The comments I'm seeing sounds like the "Indian Bitcoin community" is just full of traders rather than users.
I'm not sure if India's economy is really in a hard situation executing taxes too high which is very opposite to the other countries where taxes still remains low and favorable. Double Tax can be devastating and burden to the crypto business, it may be they think that this business is really in massive growth? I'm not sure what really happens to them but honestly, that wasn't fair and this may result from discouraging people to use crypto. They'll somehow go for fiat instead which they only pay less.
Indian Government is not in favor with the use of cryptocurrency that's why they ban since it's very to regulate it for them. They just unban again with some additional tax set for all the traders to regulate it. So this news is just another way to stop there citizen to trade cryptocurrency or suffer a consequence for a massive tax in every transaction. It's take it or leave it ultimatum given by the government to its citizen. This is much acceptable than completely banning the used of crypto.
What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!
The best thing about it is they finally let their people use cryptocurrencies freely but there is a consequence which is the high tax rates imposed by their governments. How in the world do they impose such high taxes? do they not know if there is no trader, they don't earn anything at all?
It's ok to take advantage of the current situation but they also need to know that they need to have multiple persons to do the transitions in order for them to get taxes from their local exchanges and this kind of rule will cut their earnings because people will stop using it.
I'm not sure if India's economy is really in a hard situation executing taxes too high which is very opposite to the other countries where taxes still remains low and favorable. Double Tax can be devastating and burden to the crypto business, it may be they think that this business is really in massive growth? I'm not sure what really happens to them but honestly, that wasn't fair and this may result from discouraging people to use crypto. They'll somehow go for fiat instead which they only pay less.
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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.
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.
Has india ever made the crypto legal ? Yes they proposed the 30$ tax on crypto but it was just a proposal. I am not sure how the Indian government will be able to get this 1% tax on all crypto transactions. You cannot just collect taxes if you haven't made the bitcoin legal in the country.
I think India wants to ban crypto but they have seen china and others that banning won't help, so they are using these tactics to create fear among the crypto investors and traders.
Not too much surprised by this because what the government wants is to maximize their revenues through these crypto regulations no matter how much pressure it would put on the investors in India.There have been significant rise in crypto industry in India due to which the government has taken advantage of this to add 30% taxation but now this extra over each transaction clearly shows they only care about their reserves increasing with it.They have not explored the blockchain and without any proper expertise have implemented this taxation system which is not at all good move by them.
What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!
This shouldn't come as a surprise. Bitcoin can't undergo a traditional ban because of the difficulty to enforce. A ban would be nothing more than a gesture. Instead, India would rather allow Bitcoin to be legal and milk it for tax revenue. The dual purpose is generating more funds for the government to misuse and to incentivize people to avoid crypto usage/investments.
I also think the Indian government is applying the double tax to force people to voluntarily give up the use of cryptocurrencies than if they were to issue bans it wouldn't work. But this is also not easy to enforce, investors in India will find ways to evade taxes and the government will lose tax money from crypto.
As we know government always opposite with Bitcoin and how ridiculous the centralized entity controlling anything what they want, people need to learn Bitcoin and shift to fully decentralization nature.
Don't use centralized exchange, don't use local exchange, instead use decentralized exchange e.g. bisq, hodlhodl, localcryptos. Even decentralized exchanges isn't good for trading, but at least you can evade their ridiculous laws. Indian income tax aren't really high [1] seems like they treat anyone who have Bitcoin is a billionaire.
[1] https://www.iciciprulife.com/insurance-library/income-tax/income-tax-slabs-rate-deductions.html
Don't use centralized exchange, don't use local exchange, instead use decentralized exchange e.g. bisq, hodlhodl, localcryptos. Even decentralized exchanges isn't good for trading, but at least you can evade their ridiculous laws. Indian income tax aren't really high [1] seems like they treat anyone who have Bitcoin is a billionaire.
[1] https://www.iciciprulife.com/insurance-library/income-tax/income-tax-slabs-rate-deductions.html
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"
It'll create a heavy burden in the hard earned money of the Indian crypto community. As the title says "This will kill crypto"
I don’t think that will crypto but it will definitely affect it.
What I also believe is that these types of measures will turn out worse than expected. When you raise taxes a lot, you end up collecting less than you expected, because people basically do not allow themselves to be robbed happily. People will probably switch to undeclared trading, using DEX and vpn, for example.
By the way, after reading the news I see that there is another important point:
“…losses cannot be offset against other taxes.”
In short, they are too greedy, and this legislation will have to be changed at some point in the future.
With regulations come taxes. That's expected. People would hope and demand that Bitcoin be declared legal. That's to be granted through a law or an order. Oftentimes, such policies will come with tax impositions. That would be a bittersweet compromise, but that's probably a good thing in general. The more important aspect is that Bitcoin is now made legal. The tax rate could later be negotiated for possible reduction.
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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.
I am not surprised about this, the Indian government hasn't been friendly with crypto-currency, and I believe they are doing everything possible to continue to frustrate the Crypto-currency community.
What the Crypto-currency community needs is more decentralization, I am really not impressed with the way the Crypto-currency Exchanges and many others are going centralized.
What the Crypto-currency community needs is more decentralization, I am really not impressed with the way the Crypto-currency Exchanges and many others are going centralized.
Regardless though, what will the government accomplished by being harsh on crypto when everyone around them are trying to be crypto friendly? Their government is going backward with this kind of attitude.
It could frustrate our Indian crypto community, but we all know that some of them are going to continue with caution, regardless of their government being anti-crypto.
... But for this one.....argggh!!!!
Why so emotional about this? Quote
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?
The Indian Government has been very clear about this form the start. The 1% TDS or Tax Deducted at Source was also introduced together with the 30% Capital Gains Tax. Why make a fuss about it now?Quote
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.
People are sometimes too dramatic whenever they hear about taxes. Indian crypto traders have made gains in the past without paying taxes and I doubt they will stop now because they do not want to share part of the gains to the Government. There are ways to minimize taxes legally like holding on to your BTC longer than you used to before selling.
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What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!
Tax or ban? You choose. 
Right now if Reliance industries or Adhani group of companies have preferred using bitcoin or other cryptocurrencies, then we might not be having such a big tax. The present government is always in favour of the corporate networks and never think of the middle class people or the lower bottom who somehow finds a way to uplift his/her life.
Tax over the cryptocurrency is high, beyond that is the tds of 1% which means the government wants ones entire profit out of cryptocurrencies. When more countries adopt bitcoin India might face pressure to lower the tax on cryptocurrency.
Tax over the cryptocurrency is high, beyond that is the tds of 1% which means the government wants ones entire profit out of cryptocurrencies. When more countries adopt bitcoin India might face pressure to lower the tax on cryptocurrency.
I think that India is still in the phase of testing rules with cryptocurrency matters. But this kind of ruling will really hit a lot of transactions coming from their country.
If they want to benefit from it, they should do better and not do it per transaction. Their citizens might just go through using privacy coins to hide their transactions from the government if they want a share of the pie per transaction that they do. Noting that it's another tax aside from the 30% tax they're implementing, it's really too much.
If they want to benefit from it, they should do better and not do it per transaction. Their citizens might just go through using privacy coins to hide their transactions from the government if they want a share of the pie per transaction that they do. Noting that it's another tax aside from the 30% tax they're implementing, it's really too much.
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.
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!
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 think if you see it clearly 1 percent is little that you can't even feel it compared to normal taxes that government in our country that gets in every most of the transactions. It is 12 percent so I'd rather go with it or migrate to somewhere with low tax. Or if you could you should stop engaging in Bitcoin already, unless you gain so many profits then that wouldn't do.
While crypto isn't really a tax evasion solution, if users start leaving centralized crypto services to transact it will make it more difficult for governments to filter transactions based on that country.
Although increasing, the number of Decentralized Exchange users is still too low to matter. We are still so far away from the moment a significant number of Centralized Exchange users move towards full decentralization.However, as long as the government is also willing to provide legal guarantees that are commensurate with the suppressing tax rates, 1% is not a problem when considering cryptocurrencies can fluctuate by more than 1% every minute.
1% is a problem. You will owe less Bitcoin to the government the more Bitcoin's price grows, but at the same time you are still going to own less Bitcoin at the end of the day. Moreover, 1% means 9.56% lost in thin air after 10 transactions to which you add the other capital gains tax that they want introduced. It is not bad, it is AWFUL. And this is considering you deduct taxes from your balance after every transaction. Otherwise, it is worse. 10 times 1% is 10% owed.You have the false feeling that if you own $10k in Bitcoin and the price grows by 1%, you will pay $100 and will still have $10k left. Sure. But if $10k is equal to 0.25 Bitcoin, after a 1% grow you have to pay 0.00275 and even if you are now left with $10k in Fiat value, you will only have 0.24725 Bitcoins left inside your wallet.
Hypothetical scenario. You own 1 Bitcoin. The price remains stable for one month and you make 10 transactions and after each of them you deduct taxes. You now owe around 0.0956 BTC to the government.
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Regards,
PrivacyG
I am not surprised about this, the Indian government hasn't been friendly with crypto-currency, and I believe they are doing everything possible to continue to frustrate the Crypto-currency community.
What the Crypto-currency community needs is more decentralization, I am really not impressed with the way the Crypto-currency Exchanges and many others are going centralized.
What the Crypto-currency community needs is more decentralization, I am really not impressed with the way the Crypto-currency Exchanges and many others are going centralized.
Russian government had accepted the crypto for the payment of their trade.This is happened because of the swift ban to the government of Russia.The keep on search of the alternatives solution for this.With some good analytical support from Russian back end government.They had found the correct way to approach the other countries.Now export happening to other nations with hidden move.
^ It could be the way to stop their people from trading crypto, it seems like they discourage trading in crypto and that is why they want to double taxes.
I am now thinking about madness, yes it is now the madness on the trader using centralized exchange, so is this the time for them to use a decentralized exchange to avoid those taxes that may impose?
However, aside from trading probably it is good if you will choose investment instead.
I am now thinking about madness, yes it is now the madness on the trader using centralized exchange, so is this the time for them to use a decentralized exchange to avoid those taxes that may impose?
However, aside from trading probably it is good if you will choose investment instead.
I have read the article earlier on a local news channel. It's weird how these shit are reacting! I guess this is planned to reduce the investment in cryptocurrency as this may affect country’s overall economy & GDP as well.
Nevertheless, it's a bad move indeed. How come one investment is subjected to get taxed twice! Why the fuck would they charge at the time of transaction
Nevertheless, it's a bad move indeed. How come one investment is subjected to get taxed twice! Why the fuck would they charge at the time of transaction
These high taxes they keep imposing on their people will make the current government unpopular should it turn to have more crypto users, and as if the first tax isn't enough but twice...come on!! What's the idea behind taxing people twice,are they trying to change people's interests to something else other than crypto??
Tbh all this will lead to tax invasion or simply lack tax remittance
Tbh all this will lead to tax invasion or simply lack tax remittance
The ruling government has been trying to control lot of aspects of people's lives. I fear this is just being implemented as crypto has been rising in popularity in India recently, with a lot of youtubers, streamers, and influencers promoting it. Just as adoption was beginning to rise - these taxes make me think that they want to nip it in the bud. Just a year or so back, the government gave some hope that it was legalized and it would look into reasonable regulations I think? Well if this is reasonable...
India Passes Stiff Crypto Tax Laws Despite Industry Uproar
There have been a lot of headlines recently regarding "Sell all your crypto assets" and such...this is just a crushing move for the crypto industry in India that was just starting to grow and become accepted.
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Sitharaman responded by saying that “there is no confusing signal" and we “have been very clear that consultations are going on as to whether we want to regulate it to some extent or really very much or totally ban it." She said that the government is taxing crypto because people are profiting from it.
She added that the TDS is “more for tracking, it is not an additional or new tax" and that "TDS can always be reconciled with the total tax to be paid to the government."
She added that the TDS is “more for tracking, it is not an additional or new tax" and that "TDS can always be reconciled with the total tax to be paid to the government."
India Passes Stiff Crypto Tax Laws Despite Industry Uproar
There have been a lot of headlines recently regarding "Sell all your crypto assets" and such...this is just a crushing move for the crypto industry in India that was just starting to grow and become accepted.
All they're proving is that they're greedy beyond measure. They don't want to ban it beacuse they know they can't so the next best thing is to milk it, but they're too greedy for their own good. They think people will continue to make some profit and pay 30% tax on it, but no. Most people will either turn to tax evasion because 30% is enough to make it wort the risk, or they'll stop trading in India completely.
To make people pay taxes you need these not to be a huge burden and allow people to progress and invest in their business.
To make people pay taxes you need these not to be a huge burden and allow people to progress and invest in their business.
What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!
This shouldn't come as a surprise. Bitcoin can't undergo a traditional ban because of the difficulty to enforce. A ban would be nothing more than a gesture. Instead, India would rather allow Bitcoin to be legal and milk it for tax revenue. The dual purpose is generating more funds for the government to misuse and to incentivize people to avoid crypto usage/investments.
Government can really play smart once it comes to the aspect of paying tax from any bitcoin mining firm because that is their only way to create their own regulation on them since it cannot be centralized, ever since they tasted the first approach of 30% and feels the output and result is worth demanding for more but this is really going to be affecting the miners, you need to know how India is taking tax payment without levity hand.
That is a real pressure for crypto users, the government always wants to maximize profits at every opportunity. But it will indirectly teach users to run away from taxes. While crypto isn't really a tax evasion solution, if users start leaving centralized crypto services to transact it will make it more difficult for governments to filter transactions based on that country.
However, as long as the government is also willing to provide legal guarantees that are commensurate with the suppressing tax rates, 1% is not a problem when considering cryptocurrencies can fluctuate by more than 1% every minute.
However, as long as the government is also willing to provide legal guarantees that are commensurate with the suppressing tax rates, 1% is not a problem when considering cryptocurrencies can fluctuate by more than 1% every minute.
1% of every transaction will kill trading. Somebody should tell them that many investors end up losing money on their trades or making multiple small trades every day back and forth. Also, some transactions are made purely to send a cryptocurrency with a low fee or to hide the transactions in a privacy chain. Also, I hope the government realizes the amount of paperwork they could be facing from a day trader who made 1000 transactions in a month and has to log each of them and calculate owed tax. Not only would that tax bankrupt him but it would also bury the tax office in paperwork if they required him to prove all these transactions. Also, it's not like crypto trading is more profitable than stocks and currencies. Why should it be treated differently? A traditional trader will pay 15% and a crypto trader 30%? Establishing stupid laws is only going to make people avoid them and trade using vpns and foreign currencies or cash.
Fortunately "discussions on how to regulate digital assets are ongoing. " So it is not yet set in stone. They should get a few experts to tell them that taxation is fine as long as it doesn't aim to kill the industry. 15-20% annual taxes are normal around the world, 1% of every transaction is not.
Fortunately "discussions on how to regulate digital assets are ongoing. " So it is not yet set in stone. They should get a few experts to tell them that taxation is fine as long as it doesn't aim to kill the industry. 15-20% annual taxes are normal around the world, 1% of every transaction is not.
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!
What are your opinions on this one guys regarding the double taxes imposed by the Indian government to their crypto citizens? Thanks!
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.
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!
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!
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