India Passes Stiff Crypto Tax Laws Despite Industry Uproar

News and Media
#1

India Passes Stiff Crypto Tax Laws Despite Industry Uproar

Indians will begin paying a capital gains tax of 30% on crypto transactions in just one week after Parliament passed a controversial tax proposal on Friday, sparking uproar and disappointment among those in the country’s crypto industry.

In addition to the capital gains tax, Indians buying or selling crypto will have to pay a 1% tax deducted at source (TDS), as well as taxes on crypto gifts, with no ability to take deductions for losses. The crypto taxes will come into effect on April 1, while the TDS will start on July 1.

30% is steep, but I guess it better than the usual banning it!

1 Like
#2

ouch! That is super steep. 30% is definitely better than it being banned. I just wonder where that 30% is going…It should go to the poor cities and helping the humanitarian crisis but I’m sure the government has bigger and better plans. What I would do with the 30% is to either create a UBI or put it back into the economy for the people. Intercoin has this covered when it comes to apps, community coins, governed decisions by the people, security, and so much more.

1 Like