Today the crypto industry of India is expecting to have some changes in the crypto tax bill of India in favour of the crypto adoption and revolution in the country with Blockchain technology adoption.
Last month Indian finance minister Nirmala Sitharaman presented her crypto tax bill, which includes the provision of 30% tax on Income of every crypto investment and additional 1% TDS (deduction of 1% investment amount every time on fiat transactions) now it is expected that it is going to be introduced in the effect soon without any changes.
Some official reports published on 23 March confirmed that the finance minister of India will introduce her crypto tax bill in the Loksabha, lower Parliament house of India, on 24 March (today).
Reportedly it will be the final step for the bill to get executed in the legal laws, where all the crypto investors will be forced to pay 30% + 1% TDS on investment in digital assets and NFTs and also on crypto-related gift items.
Possible changes in Bill
However, the crypto regulation bill of India is under development, but still, the crypto tax bill is in the final phase to get introduced. This is causing huge problems for the people because it is not all enough to give clarity to crypto companies and also on crypto investors’ future.
However crypto leaders of the Indian crypto industry believe that the 30% crypto tax bill is not going to change but still there are some chances for a 1% TDS system because it is not in favour of the government of India as well as for the Crypto Community of India.
Now it will be a matter of time if any government official will raise his questions against such questions, which are necessary to ask.
Hurdles among crypto companies
Last month many CEOs and founders of leading crypto exchanges of India shared their point of view on the crypto tax bill and said that such things are not giving any hint about their future in India, so here government should provide its clear stance on the crypto industry and also crypto 30% +1% is not enough to file ITR( income tax return) with clarity.
Recently Nischal Shetty, founder of WazirX exchange, explained with some examples and noted that crypto investors in India are forced to pay tax even though they will not make anything with their investment.
Invest Rs. 100 into Coin1
Earn Rs. 100 profitNow you have Rs. 200
Invest this Rs. 200 in Coin2
Coin2 goes to Rs. 0 (not all ideas work)Now you have Rs. 0
Tax Time:
According to upcoming tax law in IndiaYou pay Rs. 30 as tax
You are now at – Rs. 30#UnfairCryptoTax
— Nischal (Shardeum)
(@NischalShetty) March 22, 2022
(@NischalShetty)
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Today crypto tax bill of India will go in lower parliament House
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