Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Freemind on February 01, 2022, 11:31:46 AM
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
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Well, this can be a good but burdensome start for many crypto lovers and holders in India. While we are awaiting for the fine print of this law regulating and hereby legalizing cryptocurrency in India, good to see that this big market has not followed the path taken by China of blanket ban on cryptocurrency. I am sure that no matter what this can be a big cause of celebration in India though we have to admit that the tax rate can be so high and yes this can encourage people to never declare their cryptocurrency involvement not unless they are dealing with registered exchanges where the tax rate can be automatically levied on them.
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This is the big news for India and all crypto user. yes 30% tax is huge but atleast Indian gov think about crypto. still I an not clear some point like 1% every transaction if anyone know about it please help me. Overall it's positive movement
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This is the big news for India and all crypto user. yes 30% tax is huge but atleast Indian gov think about crypto. still I an not clear some point like 1% every transaction if anyone know about it please help me. Overall it's positive movement
Yeah, many investors from India.
I have seen many India people do trading and investing in crypto.
So, I think It's big news if India legalized crypto.
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No, they did not say it is legalized they just impose a 30% tax on the profit of Virtual assets that includes cryptocurrency and NFTs and 1% TDS and experts are saying there is a strong probability govt will plan to treat it as an asset and make it legalize in near future. Imposing tax does not mean they legalize it. To get the legalized status they will first pass the cryptocurrency bill in the parliament only then after it will legalize with some conditions.
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30% income tax or capital gain? I haven't got the detailed tax plan, and I'm not knowledgeable in India's tax policy. Based on quick googling, however, 30% rate is the highest for income > Rs. 15 Lakhs. That's expensive! Another case if your income is < Rs 2.5 Lakhs, it should be 0% tax, but if your source of income is crypto, you'll get 30% tax?! That's not fair IMO.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
great, I'm happy to hear that
I hope It will make good effect for crypto market.
I see many India people have invested in crypto and also join bounty.
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30% income tax or capital gain? I haven't got the detailed tax plan, and I'm not knowledgeable in India's tax policy. Based on quick googling, however, 30% rate is the highest for income > Rs. 15 Lakhs. That's expensive! Another case if your income is < Rs 2.5 Lakhs, it should be 0% tax, but if your source of income is crypto, you'll get 30% tax?! That's not fair IMO.
That proposed 30% tax must be on gains but it can be on top of any other transaction fees that can be levied to anyone buying on legit crypto exchanges...peer-to-peer can be harder to track though so it can be easy to evade there. Anyway, this remains to be still on the proposed stage so there can be a chance that it can still be modified if people in crypto can make a lobby with the government to make the proposal not a burdensome because this can be a big reason why people will just evade paying tax.
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India is good with its technologies in medicine and IT technologies, but there is also a fairly large % of the poverty level of the population there, I do not even know how this will affect the market, but in general the news is good, only the tax as for me at 30% is quite large.
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No, they did not say it is legalized they just impose a 30% tax on the profit of Virtual assets that includes cryptocurrency and NFTs and 1% TDS and experts are saying there is a strong probability govt will plan to treat it as an asset and make it legalize in near future. Imposing tax does not mean they legalize it. To get the legalized status they will first pass the cryptocurrency bill in the parliament only then after it will legalize with some conditions.
Collecting taxes, even if it is just a project, implies legalization, otherwise the government itself would be breaking the law, when taxing a product or good that is not legal. It is possible that when writing the news they have started on the opposite path, but if they are going to collect taxes it is because there will be a legalization on the government table. Legalization and tax collection, that is the natural order of things in most governments of the world.
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I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously
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I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously
Yeah, I think big countries will accept bitcoin and crypto currency.
It sounds good if India legalized bitcoin.
Hopefully It will make good progress for crypto world.
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I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously
It's too early to rejoice. This topic has already been discussed on the bitcointalk forum and they came to the conclusion that this is only a statement from one of the officials of the government of India. So far, there is no regulation that establishes the introduction of a 30% tax on profits in cryptocurrencies in India. So things can still change there, as it has happened many times before. There will be relevant laws, and we will discuss. But of course, 30 percent of the tax is a lot.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
The 30% is too high as a tax for crypto investors or traders in India. Their government is trying to discourage them not to investing in crypto by that high tax. I believe It will review again very soon.
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I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously
I am not sure if the Chinese government would change their mind and legalize cryptocurrencies, it would be very rare and their credibility would be damaged, although it would be good news without a doubt. Who is in time not to ban cryptocurrencies is the Russian government, now logically focused on the crisis with Ukraine, when that conflict is resolved (I hope peacefully) maybe the Putin government will only tax cryptocurrencies and they can continue to be used more widely in Russia.
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I knew this was coming. Many top countries have gone the way of India, that one stop and start, and finally succumbing to the lure of the money. Its inevitable how these things would end up. Next up would be China, and that would be the biggest, obviously
I am not sure if the Chinese government would change their mind and legalize cryptocurrencies, it would be very rare and their credibility would be damaged, although it would be good news without a doubt. Who is in time not to ban cryptocurrencies is the Russian government, now logically focused on the crisis with Ukraine, when that conflict is resolved (I hope peacefully) maybe the Putin government will only tax cryptocurrencies and they can continue to be used more widely in Russia.
me too, I also don't believe Chinese will change their mind and allow bitcoin.
But I think chine will have own crypto currency.
that's my prediction, let's see.
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me too, I also don't believe Chinese will change their mind and allow bitcoin.
But I think chine will have own crypto currency.
that's my prediction, let's see.
China is big country.
I think they will have own consideration about crypto technology especially block chain.
I also think China will create own crypto
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China is big country.
I think they will have own consideration about crypto technology especially block chain.
I also think China will create own crypto
No one should doubt that cryptocurrencies are still being bought and sold in China, there are many ways to do it without using exchanges or using VPNs and proxies. China will not have a cryptocurrency as we know it, the Chinese government has been working on its CBDC currency, the Chinese Yuan, for some time, but there is still no exact information on how it is currently. If anyone wants more information you can read this article: https://www.cnbc.com/2021/02/24/chinas-pboc-joins-cross-border-digital-currency-project.html
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In my opinion the tax of cryptocurrency is very high, I don't think the crypto traders in India are okay with this high tax. Seems not cool but I guess this is fine than banning cryptos, atleast they can still using it and make some money.
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Extremely very high crypto tax, this is ideal is not a welcome development at all for Indian. In my opinion, i think the government of India should reconsider this move, because it is not a good idea. They should cut down the tax rate to at least, 10% to the enhance users profit.
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Extremely very high crypto tax, this is ideal is not a welcome development at all for Indian. In my opinion, i think the government of India should reconsider this move, because it is not a good idea. They should cut down the tax rate to at least, 10% to the enhance users profit.
Yeah, I think It will be the problem for India investors if the government take the high tax of crypto transaction.
Agree with you, should reconsider.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
Yeah finally good, If India government legalized crypto currency, but It will make investors annoying too, because government take the high tax.
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Yeah finally good, If India government legalized crypto currency, but It will make investors annoying too, because government take the high tax.
I think it's no mater if the government take the tax.
Because It will use for development of country.
I agree with tax and nice to hear India legalized crypto
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30% is a rather high tax rate but common for the crypto market in other countries. I don't understand why the Indian government decided to use such a high tax, I think 10% is a reasonable rate for this market. The more people enter the market, the higher the tax will be and everyone will benefit.
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30% is a rather high tax rate but common for the crypto market in other countries. I don't understand why the Indian government decided to use such a high tax, I think 10% is a reasonable rate for this market. The more people enter the market, the higher the tax will be and everyone will benefit.
Agree with you, 10% is reasonable to take tax.
As investors and traders we all have high risk
Sometimes get profit, often loss.
It's really annoying
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After a long period of time we get the news but this is really appreciable to the crypto enthusiast. It brings the new weave in the crypto market soon.
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Yeah, I think It will be the problem for India investors if the government take the high tax of crypto transaction.
Agree with you, should reconsider.
In life everything has a price. It would seem normal to me (although I do not agree with that percentage) that the countries that decide to regulate and accept cryptocurrencies apply a high tax rate. Keep in mind that the current inflation of the dollar is going to end in an economic recession that will affect the entire planet, which is why I think it is "normal" that governments impose such high taxes. All governments want to have enough reserves of money (and gold) for when the time comes.
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In my opinion the tax of cryptocurrency is very high, I don't think the crypto traders in India are okay with this high tax. Seems not cool but I guess this is fine than banning cryptos, atleast they can still using it and make some money.
I agree with you, 30% is a lot. In any case, I believe that these amounts are a reference, and that if the law is finally applied in India, it may be a lower percentage. If they finally apply the law and the tax is 30%, what they will be doing is promoting the use of tax havens for cryptocurrencies and getting many citizens to buy and sell their cryptocurrencies on the black market. Regulations must be positive for both parties, otherwise they do not serve or fulfill their function.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
Yeah, I think 30% for tax , it's so much.
They just think about profit, the government didn't know and think
about loss.
Investment and Trading we always face loss and profit, but If the government take the tax so high, We as investors will suffer.
I agree Indian government legalized bitcoin mad altcoin, but better take the tax 10%, It's more realise
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Good news for India, finally
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Good news for India, finally
Yeah, It's good new for India, but it's too high the tax.
I have predicted it will happen, the government will allow crypto currency but make regulations about the tax.
30% is so high, I think maybe 5-10% is better
But it depend on their citizens, If the citizens allow, that's not problem.
Hopefully It will never happen in my country.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
Legalize cyrpto, so do you really mean that Indians can buy or purchase things by crypto now instead of Indian rupees?
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Legalize cyrpto, so do you really mean that Indians can buy or purchase things by crypto now instead of Indian rupees?
It means that citizens will be able to trade and exchange cryptocurrencies, convert those cryptocurrencies to FIAT and FIAT to cryptocurrencies without legal loopholes and paying taxes to the government. Paying for goods and services with Indian rupees is not up to the government, it's up to the shops themselves. In my country there is no clear legislation on cryptocurrencies, but any citizen can buy a smartphone with cryptocurrencies, for example, if the store accepts payment with cryptocurrencies.
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At first I was very happy with this news, but the war in Russia and Ukraine actually disturbed the growing tension of cryptocurrencies.
Some people seemed to panic at that time, by deliberately selling their assets cheap because of the threat of world war 3, but apparently all that did not happen, so bitcoin rose again high and they could not make any profit at all.
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At first I was very happy with this news, but the war in Russia and Ukraine actually disturbed the growing tension of cryptocurrencies.
Some people seemed to panic at that time, by deliberately selling their assets cheap because of the threat of world war 3, but apparently all that did not happen, so bitcoin rose again high and they could not make any profit at all.
I think not all people panic now, many people still calm.
Because they believe Russia and Ukraine war just have a little effect to crypto market.
If have big effect, crypto will recover again soon.
I also believe crypto will survive until bitcoin halving.
Im to hear India legalized crypto , Its really good.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
Of course 30% is so much.
We know as bounty campaign is worthless now.
Trading and investing are also struggling and less profit.
But I think It's good news If Indian legalized bitcoin and crypto currency.
Hopefully the government will reduce the crypto tax.
It's really annoying.
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I personally agree if Indian government take the taxe, although 30%.
It's too high, but It's good step fro crypto currency being allowed at Indian.
In my country will take the tax too.
No Matter, Hopefully bitcoin will be legalized soon.
So we can do invest and trading in our country.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
Yeah, I think 30% is too much.
The government just know bout profit and didn't think about our lost.
In my opinion I think 10% is enough.
India government legalize crypto is good thing but too high to take the tax.
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Yes, the Indian government has regulated crypto currency. With 30% tax. The first investor had a fear in investing in the crypto market that the government should never take any disappointing decision. But now it is a matter of relief. Although a little over 30% tax is plausible.
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Officially Government of India did not declare it legal. This is not true Crypto is still not legalized by India but the fact is they impose 30% tax as well as 1% TDS on the transactions. When Government will pass the crypto legalization bill in parliament then only it will be legalized in India but by imposing a tax on cryptos. Many of the traders are expecting it will be legalized but due to the heavy taxes, the volume of trading on Indian exchanges drops drastically because the 30% tax is a huge amount even they will take the tax and will not square off the losses in the tax that is also a big concern for the trader. I hope the government will reconsider its decision to reduce the crypto tax and as well as to square off the losses as well in the tax otherwise most of the traders will not buy cryptos.
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Yes, the Indian government has regulated crypto currency. With 30% tax. The first investor had a fear in investing in the crypto market that the government should never take any disappointing decision. But now it is a matter of relief. Although a little over 30% tax is plausible.
Actually 30% is a very high value, just imagine if we have $100 and have to pay taxes of 30% or $30? This is amazingly much . Is there no more negotiations in India to reduce the amount of the tax? I think this will be a tough rule for the Crypto players there!
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but indeed the matter of taxes will of course be adjusted to each country that has a policy, maybe if India has implemented all digital assets it will be subject to a 30% tax, of course there are calculations that have been made by the Indian government. Will the policies taken bring good changes for the development of crypto or vice versa?
Of course, it is difficult to interfere in the policy affairs of other countries, but is that normal? maybe yes or no.
If you look at other countries, of course there will be differences in application, some are exempt but some only provide taxes only for mining because of the reason for using high electricity consumption. but Japan applies a higher tax rate than India and we ourselves don't know how the crypto situation is there.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
This legalization is more like shucking money from crypto investors and demotivate them so that they will leave the field. I am expecting a CBDC from indian central bank and this could be a attempt to the ground work for the creating a safe environment for CBDC launch. Future of crypto in india is not looking good.
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This legalization is more like shucking money from crypto investors and demotivate them so that they will leave the field. I am expecting a CBDC from indian central bank and this could be a attempt to the ground work for the creating a safe environment for CBDC launch. Future of crypto in india is not looking good.
It could be for the reasons you mention, but it could also be for others. We must bear in mind that crypto investors with less funds are the ones who will pay that 30% if they want to buy or sell. But investors with a lot of funds could go to another country and pay much less taxes, that would create more tax havens than already exist. In any case, citizens with less funds will always be able to continue trading in other ways, using DEX or buying and selling physically.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
Maybe to all crypto enthusiast over the country of India this is a good news but also a bad news either due to the tax given was too high and too much for the tax payers. Is this 30% tax is also the same to their prime commodities, or only applicable for the cryptocurrency? Just a question only.
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Maybe to all crypto enthusiast over the country of India this is a good news but also a bad news either due to the tax given was too high and too much for the tax payers. Is this 30% tax is also the same to their prime commodities, or only applicable for the cryptocurrency? Just a question only.
From what we can read in the news, it is only for cryptocurrencies, since no other types of products are mentioned. Anyway, I don't think there has been any new news about it, so I don't have any more information. Nothing has been confirmed from the government either, so I guess they are still talking about the proposal. Hopefully the government thinks better of it and lowers that percentage a lot or else the only thing they are going to achieve is that the people who have more funds in cryptocurrencies leave the country.
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All crypto lovers from India still confuse about this matter because indian government not legally announced anything about crypto legalization but they imposed 30% tax on crypto earning, So how you treat or believe that crypto is a legel tender in india. And also one thing is difficult to understand that how you calculate tax? mean if you are holding bitcoin since 2018-19 and you sell it now so how you pay tax even if you are not making any profit.
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All crypto lovers from India still confuse about this matter because indian government not legally announced anything about crypto legalization but they imposed 30% tax on crypto earning, So how you treat or believe that crypto is a legel tender in india.
So there is still not certain whether Cryptocurrency is legal or illegal? but the Government of India has imposed a tax on Crypto income ?
It's the same in my country, recently my country will also impose a tax on Crypto income but also there has been no official confirmation whether this Crypto is legal for payment instruments. But the joy here, we can do all Crypto activities such as mining, trading and others. We can do all of that without any restrictions, except using Crypto for direct payment, which we can't do yet.
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This 30% tax is more like a torcher for the investors. Govt wants to impose a 30% tax on the gain but what will happen when they will take a loss? Govt doesn't want to help people financially but they want to eat the honey from them. A very bad practice from the govt and this will further demotivate them to invest in crypto.
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This 30% tax is more like a torcher for the investors. Govt wants to impose a 30% tax on the gain but what will happen when they will take a loss? Govt doesn't want to help people financially but they want to eat the honey from them. A very bad practice from the govt and this will further demotivate them to invest in crypto.
Presumably, when there are losses, it will be the government and the Ministry of Finance who contribute to the citizen who has lost money with his investments. The government cannot collect that 30% only when there are profits, by legislating it also has the obligation to respond when there are losses, but in the information we have now nothing has been said about it. I think we should wait for more news or try to expand on what we have so far, because otherwise it's hard to understand what's going on.
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Yes you are right. I am an Indian myself. And I am happy that crypto is now allowed in our country. We can invest without any hesitation. Because the Indian government has regulated crypto. But with 30% tax. Which is a more in my opinion.
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Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:
The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.
https://www.binance.com/en/news/top/6894281
Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.
A good news that came witha huge blow particularly to enthusiasts of blockchain and cryptocurrency in India, 30% tax is a total reap off, from sides of the regulations. But generally, this is a bright news for the global cryptocurrency communities, imagine a huge nation such as India have legalizes cryptocurrencies holding and trading among others utilization, other smaller nations will only follow suit in the course of time.
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Cryptocurrency is gathering momentum every now and then. Organisations and institutions are seeing the need to start accepting the new way to easy life.
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A good news that came witha huge blow particularly to enthusiasts of blockchain and cryptocurrency in India, 30% tax is a total reap off, from sides of the regulations. But generally, this is a bright news for the global cryptocurrency communities, imagine a huge nation such as India have legalizes cryptocurrencies holding and trading among others utilization, other smaller nations will only follow suit in the course of time.
At the moment, the Ministry of Finance has not made any further statements after publishing this news. I think it is possible that the government is looking at the cryptocurrency legislation differently because they have realized that 30% is a very high percentage, and that could accelerate capital flight or money laundering. If the government reduces the percentage of commissions and offers payment facilities to investors in cryptocurrencies, I am sure that many fiscal problems would be avoided and people would be willing to collaborate.
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We know that India is a country with the largest population in the world and they have advanced in renewable technology, so it is only natural that India accepts crypto.
India is one of the largest countries in Asia that has developed crypto.
but if you look at the 30% tax, it will certainly be difficult for crypto users, will there not be later doing something that is not in accordance with the rules because they avoid high taxes.
Of course this will be taken into consideration as well because anyone will do something to be able to get the cheapest.
we will see further developments whether there will be changes or indeed crypto actors in India will receive the tax imposed?
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This is a great step forward forward for the crypto community. Despise the high the tax imposted to the crypto invest, it will always get better. The tax may likely reduced as time go on.
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This is a great step forward forward for the crypto community. Despise the high the tax imposted to the crypto invest, it will always get better. The tax may likely reduced as time go on.
I agreez It's good step, as you said It's forward step if the India government legalize crypto.
Although the government take the high tax, but maybe it will be reduced by the time.
Keep calm and wait.
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We know that India is a country with the largest population in the world and they have advanced in renewable technology, so it is only natural that India accepts crypto.
India is one of the largest countries in Asia that has developed crypto.
but if you look at the 30% tax, it will certainly be difficult for crypto users, will there not be later doing something that is not in accordance with the rules because they avoid high taxes.
Of course this will be taken into consideration as well because anyone will do something to be able to get the cheapest.
we will see further developments whether there will be changes or indeed crypto actors in India will receive the tax imposed?
I agree with you that India is making a lot of progress in terms of renewable energy and cleaner technologies for the environment, but that is of no use if a 30% tax is imposed on cryptocurrencies. What all governments, in this case the Indian government, must do is find a way to collect taxes on cryptocurrency investments and allow citizens who use cryptocurrencies to earn as much profit as possible. It is useless to legalize investments in cryptocurrencies if you are going to ask for 30% later, that only creates more tax havens as I have said other times.
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30% tax is pretty big. it looks like they are forced and have no other choice.. at least they play in crypto safely
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I agreez It's good step, as you said It's forward step if the India government legalize crypto.
Although the government take the high tax, but maybe it will be reduced by the time.
Keep calm and wait.
the Indian government takes the opportunity, maybe it won't lower the percentage that has been set, it can be raised. The government doesn't need to think about the risks, it just receives the benefits for free
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I am happy for the Indian people who finally have an alternative payment to fiat but a tax rate of 30% seems to me really exaggerated
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Perhaps it is better to have such a tax rate with transparent and competent regulation of the crypto industry than not to have it at all.Moreover, we do not know the nuances in their legislation and perhaps this is a normal tax rate.
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Perhaps it is better to have such a tax rate with transparent and competent regulation of the crypto industry than not to have it at all.Moreover, we do not know the nuances in their legislation and perhaps this is a normal tax rate.
Of course we don't know the details of the legislation, because that legislation doesn't exist yet, what there are are drafts, and the 30% rate is the first thing the government has said without having a solid proposal to offer. I believe that the most logical thing is to present proposals and then reach an agreement on what percentage would be the fairest for the country and for the citizens, saying 30% when they have nothing else to offer seems like theft to me.
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Indian legalized crypto, but also take the high tax.
It maybe annoyed for Indian people.
But It's good thing, the government already allow crypto, but they should reduce the tax of crypto transaction.
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Better some kind of regulation than its complete absence...so at least you can choose)
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30% tax is a way too much in my own assessment. Because here in my country our tax was only 12% meaning 18% is the difference. Therefore, it maybe a good news to all the community out there in India but a big burden when they're gonna do some transactions in the cryptocurrency anyway. Good luck to you guys who lived in INDIA.
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I am happy for the Indian people who finally have an alternative payment to fiat but a tax rate of 30% seems to me really exaggerated
Their constitution didn't mention crypto as a currency. They call it a digital asset. It can not be used as an alternative to fiat. Their action is more like collecting money not doing something for cryptocurrencies. A lot of users are from this part of the region but their tax implementation is more like discouraging people from not investing in crypto.
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Better some kind of regulation than its complete absence...so at least you can choose)
Yes, but no. The government cannot use "some kind" of regulation as you say. The government must find a balance between a regulation that increases taxes for the economic activities of citizens but at the same time must allow those citizens to obtain benefits. The laws of any country must be positive in both directions so that there is a balance that does not make large investors move their money to other countries, without that balance, there will always be very rich countries or very poor countries.
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30% tax is a way too much in my own assessment. Because here in my country our tax was only 12% meaning 18% is the difference. Therefore, it maybe a good news to all the community out there in India but a big burden when they're gonna do some transactions in the cryptocurrency anyway. Good luck to you guys who lived in INDIA.
Yeah, 30% is too much.
I think Indian government should rethink to change their decision.
Because As traders and Investors will suffer if we must pay too much.
all about the tax, but they didn't think about our lost.