The taxation should not imposed to take money from traders and demotivate them but to protect them and motivate for accepting the new technology in the long run.
Indian has passed their crypto bill 2022 by imposing a tax rate of 30% on a capital gain in any crypto transactions which will be in action from April 1. As I mention earlier, its similar to the gambling and horse bet tax rate. Is it going to kill Indian Crypto Industry?
Besides the ridiculous tax rate, all the buyers or sellers crypto have to pay another 1% tax deduction at source (TDS). Also taxes on any crypto gifts, having no option for taking deductions for any loss transaction will be on action from July 1.
So what now?
Okay, let me explain the related factors that is going to happen in future to this Technological innovation.
Many crypto farms based on India has started leaving the country, the number will increase
There is no way to trade with this taxation, even many people who earn their livelihood by trading! Traders will find out some illegal ways to save from taxes and some will leave the crypto world.
My Another concern,
India has already become a leading country in the technology and innovation index among the 3rd world countries with the largest population after China. If they these funny laws are passed there what will be the situations in other developing countries of the 3rd world?
Hope there will be some major amendment soon after the realization of the significance of the new technology.
Thank you for your time and attention.
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Good post!
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Yeah, we need more planning find some loopholes to tackle with the government.
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No, i didn’t open any account for extra money! How I can do that? Is it possible for other countries as I am not a US resident😥