In the month of February the finance minister of India came up with cryto tax for people dealing in cryptocurrency. I wrote about it then and shared my views about the crypto tax and now the time has come when they are finally going to implement it.
From first April i.e when the new financial year will start here goverment will implement crypto tax. This means that people have to file tax next year when the financial year closes.
Government will start 1% TDS as well though not from 1st April but later by the end of may. I hope Indian users already know about this and they are finding ways to save themself from this huge tax.
Who am are willing to pay 30% from next financial year ? I think they will reduce the tax in coming years but still you must save yourself for now. Many have started existing the market and leaving cryptocurrency.
People have shifted their cryto to foreign exchanges but i think it is better to keep your Crypto's in Dex. I will suggest that to everyone as it is the best option in my opinion.
I will take my funds out of Indian exchange and leave using them now. If you are a crypto entrepreneur then find solutions for yourself. Anyways time has come to decide and i have taken my decision already.
I won't leave cryptocurrency and blockhain technology because they are the Source of living for me. That's all for today , i am going to catch you all soon with more blogs about the same if needed.
Thank you
hello @kamranrkploy,
in Venezuela they are already charging a tax on coins, this is undoubtedly a way of generating more income for the state which is always very attentive to how it can take more money out of the pockets of its citizens. from my point of view they are wasting their time as the coins are designed to be private and with that security the state will never know how much money you have.
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30% tax is crazy. It is too much. I believe that in the end, as time goes by it must come down at some point, however, we have to look for options. For example, keep in centralized exchanges what is necessary for basic expenses, no more.
And indeed, DEX are good choice in a case like this.
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Yeah , i have taken out all my money and shifted to decentralised exchanges. I will be using P2P when i will be in need of money until then i will keep on DEX or only bring to non Indian CEX for trading.
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As per my thinking we just need to hold on and wait for full update to come as the government is not yet decided they just put 30% tax just to make they have done anything. Just wait for more clearity.
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30% is too high and even with the current rule set it seems that India is not encouraging crypto and they are putting restrictions in place.
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