Parliament Member Says 1% TDS Will Kill Crypto Asset Class in India, Urges Go...
An Indian parliament member has warned that imposing a 1% tax deducted at source (TDS) on every crypto transaction will kill the nascent asset class. This tax provision is contained in Finance Bill 2022 which Lok Sabha, the lower house of India’s parliament, has passed. However, India’s finance minister insists that the TDS on crypto transactions is for tracking purposes. Parliament Member Raises Concerns Over 1% TDS on Crypto Transactions Lok Sabha, India’s lower house of parliament, passed Finance Bill 2022 Friday which includes a proposal to tax....
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An Indian parliament member says crypto is like gambling and must be taxed at a very high rate, such as 50%. “We need to discourage and disincentivize” trading and investing in the asset class, he stressed. Indian Parliament Member Wants to Tax Crypto at 50% Indian parliament member Sushil Kumar Modi shared his view on cryptocurrency in an interview with Forkast, published Tuesday. Modi is a member of Rajya Sabha, the upper house of India’s parliament. He recently made headlines when he urged the Indian government to impose more than 30% tax on crypto income prior to....
India may be regulating crypto as an asset class under the purview of the Securities and Exchange Board of India (SEBI). In addition, a crypto bill is likely to be introduced during the Monsoon session of parliament, local media reported. Indian Government Reportedly Considers Regulating Crypto as an Asset Class The Indian government has yet to introduce a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of the government re-evaluating the recommendations within the bill. The New Indian Express reported Friday that top sources tracking....
Cryptocurrency is currently a gray area in India. It is neither legal nor illegal. A parliament member, India’s finance secretary, and the minister of finance have recently clarified the legal status of cryptocurrency in India. Legal Status of Crypto in India Following the finance minister’s announcement to tax cryptocurrency income, the question of whether crypto is now legal or legitimate in India has come up repeatedly. Union Minister of State for Finance Bhagwat Karad, a member of Rajya Sabha, India’s upper house of parliament, reportedly explained Saturday that....
Indian state officials are reportedly no longer keen on banning Bitcoin and a crypto regulatory bill may be up for discussion during the Monsoon Session of Parliament. The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government toward crypto.According to a report by The New Indian Express on Thursday, the government’s hostile stance toward Bitcoin (BTC) appears to be shifting toward more common-sense regulatory policies for cryptocurrencies.According to inside sources quoted by the publication, authorities have dropped earlier plans....
An Indian parliament member has urged the government to increase the tax on crypto income from the current proposed rate of 30%, stressing that crypto trading is similar to gambling. He has also requested that the goods and services tax (GST) be imposed on the total transaction value of crypto.
Indian Parliament Member Wants to Tax Crypto Income More Than 30%
India’s Finance Bill 2022 containing the proposed 30% tax on crypto income is now being considered in Rajya Sabha, the upper house of India’s parliament.
Parliament member Sushil Kumar Modi....