Indian Parliament goes forward with a new Bill, imposing a rough 30% Tax on Crypto-based profits.
Massive Taxation on Crypto Trade
As per the new legislation, a harsh 30% Tax has been applied on all crypto trading profits by the government of India. This new rough taxation bill for cryptocurrency is quite ridiculous, as it will also revoke traders to utilize any of the positive profits in order to balance out other sources of loss. Changes were made to the bill last month, promoted this ideology, as it follows the customs and usual financial practices held in countries such as the United States of America.
Upper Authority of the Indian Parliament accepted and implemented this new financial law on the crypto space, making cryptocurrency trading in the country a lot more difficult and costly. An addition to this new Tax, Indian crypto traders will also have to pay 1% source tax for each trading activity they perform after the 1st of April, making life more miserable for Indian traders.
Indian Crypto Market at Risk
Many members of the Indian parliament have been protesting this new law, as this puts the cryptocurrency market in India at a huge risk, potentially killing the crypto community and space in the region.
Crypto Advocates Showing Concern
Many crypto advocates and crypto supportive politicians have repeatedly asked for revision in the current regulations; however, their requests have seemed to land in the desert instead of the heads of the upper authorities. Pinaki Misra from the parliament’s lower authority stated that this new taxation bill has a similar motive towards the banning of cryptocurrencies and other forms of digital assets, going as far as calling this new move as a “sinful act”.
Ritesh Pandey from the Bahujan Samaj Party also mentioned the various effects that this new law would have on the overall business market, saying that this act from the finance minister will hinder the potential of how “business is done” in India.
Efforts to Challenge
Soon after the newly imposed law came into action, social media campaigns started to show up, with Indian traders demanding the reduction of the tax applied, coming up with the hashtag #reducecryptotax to express their concern. Many of the crypto supporting members of the Indian parliament are expected to challenge this law in the Supreme Court, in efforts to bring changes to the imposed bill.
