India’s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force
Crypto trading volumes in India have plummeted following the new tax law entering into force. The new rules impose a 30% flat tax on crypto income and do not allow losses to be offset against gains. New Crypto Tax Rules in Effect The new crypto tax rules entered into force on April 1 after the country’s parliament approved Finance Bill 2022. A flat tax of 30% now applies to crypto income with no deductions or loss offsets allowed. On April 1, crypto exchanges in India began seeing sharp declines in trading volumes. Aditya Singh, who runs the Youtube....
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Cryptocurrency trading volumes in India have plunged further across exchanges as traders mull over the 30% crypto taxation. In addition, popular payment service provider Mobikwik has stopped service to exchanges.
Crypto Trading Volume in India Plunges Further
Cryptocurrency trading volume in India continues to slide after the government began taxing crypto income at 30% without allowing any loss offsets or deductions.
According to crypto research firm Crebaco, cryptocurrency trading volumes have fallen from last week across all major exchanges, Moneycontrol....
Payment services providers have also cut ties with major crypto exchanges despite having the same rate for gambling and fantasy sports platforms. Fresh data on Indian crypto exchanges’ trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India’s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects. A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph shows that trading volume on top Indian crypto....
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....
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