Tax man: India’s new tax policies could prove fatal for crypto industry
India’s crypto tax policy is set to become law on March 24. However, stakeholders believe it could eradicate small-time traders and derail the thriving industry. Indian crypto tax policy has become the hottest topic for Indian crypto traders and exchange operators as it is set to become law on March 24 and will come into effect starting on April 1. The proposed 30% crypto tax is the highest in the country and is equivalent to the tax imposed on gambling and lottery tickets. While the high tax bracket was already a cause of concern for many new and small traders, a recent clarification from....
Related News
India’s new crypto tax policy is based on its gambling and lottery ticket win tax rules, that is set to come into effect from April 1. The Indian Finance Bill 2022 with new 30% crypto tax rules was approved by the Rajya Sabha, the upper house of the Indian parliament, to make it a law today that will come into effect starting on April 1.The approval of the bill by the upper house of the parliament comes within a week of the lower house (Lok Sabha) approval.The Finance Bill was introduced during the budget session 2022-23 of the parliament in January. The Finance Bill amended tax rules to....
The Indian crypto industry sees a brief panic over the government’s plans to ban “private cryptocurrencies” and explore the need for a CBDC. The Indian Crypto community has been involved in discussions with the government about how it should perceive cryptocurrencies and blockchain technology before finding ways to regulate the industry ever since the government placed a now-defunct blanket ban on banks servicing crypto firms in April 2018. In the latest update, on Jan. 29, the government revealed its plans to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill,....
Following last week’s public notice by the Reserve Bank of India (RBI), the country’s central bank, that warned Indians about using virtual currencies like Bitcoin, the still-nascent but growing industry has banded together to form the “Blockchain and Virtual Currency Association of India.” India’s leading bitcoin companies that include the likes of Unocoin, Coinsecure, Zebpay and SearchTrade have come together to form a new industry association that is currently under the process of a formal registration. According to a report in India’s biggest business daily, the Economic Times, the....
Leigh Travers feels that a change in Australia’s government will slow down work on crypto regulations that could prove that the industry is already operating at a higher level than traditional finance. As the struggle for regulatory clarity down under rages on, Binance Australia’s CEO Leigh Travers thinks that such a framework will prove the crypto industry “holds itself to a higher standard” than many believe.Travers spoke with Cointelegraph on June 14 about the current state of local crypto regulatory efforts and how the opportunities available in the industry are restricted by the lack....
The popularity of Bitcoin in India has seen an exponential rise, according to the Hindustantimes. The report details that more users in the region are using the cryptocurrency to pay mobile bills and vouchers for online shopping. With Businesses like Unocoin, Zebpay, and Coinsecure at the helm, the country will continue to get an influx of Bitcoin....