While the taxation that will be applied to crypto money trade in our country is eagerly awaited, there are not heartening news from India. When the ban on cryptocurrencies for a period was canceled in the high court, the government gave up the ban. Instead comes a solid taxation.
High cryptocurrency tax in India
Indian economy minister Nirmala Sitharaman said in a statement that the central bank has pressed the button for a digital rupee project, and that it will make a significant contribution to the country’s economic growth.
In addition to the digital Rupee project, which is expected to end within the year, there is also taxation on cryptocurrencies. It was stated that 30 percent tax will be charged on all transfer transactions that are considered as virtual digital assets. Since the definition of income is used, tax will probably be deducted from the money withdrawn to the banks. It is stated that there will be no exemption from this tax. This includes assets lost during trading.
On the other hand, a maximum taxation ceiling of 1% has been set for crypto-focused investments in the country. Cryptocurrencies are very popular in India due to economic difficulties and there are around 100 million investors. In this sense, the 30 percent tax bracket means an important income inflow to the country.
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