Bitcoin Forum

what is your opinion about all this We all know that there is an attempt to destroy the future of crypto in India

Although I find that the 30% is a bit harsh especially when they're planning to apply it to gifting as well, I still think that's a better decision than we were expecting since they were originally going to ban it. And none of it is surprising anyway considering that there are talks about launching the digital rupee.

If you're a lawful citizen, I don't think there's anything you can do but to just manage your finances well. Put yourself in a situation whereas you won't need to sell your bitcoin/crypto for long amounts of time. Always have enough fiat available, for those instances where you suddenly need a good amount of cash for whatever reason.

As a good citizen, you have to pay your tax, do not think of ways to avoid tax, pay tax. I read on news recently that India want to increase crypto tax to 30%, that is too high though but nothing can be done.

If tax is getting too much, some people will prefer noncustodial options like noncustodial wallets and decentralized exchanges, including P2P which is direct between two people in a noncustodial manner.

What's the reason you say that there's an attempt to destroy the future of crypto in India? I don't see any reason for that. They've imposed a 30% tax on crypto.
That's high but I don't think that it's an attempt to destroy the crypto market there. Thus, it's even helping and removing the worry of what they've been saying about the ban before which is more worrying than their new update.

Still the bill has to be passed so they may change the tax rates if their economic experts ask them to do but its clear that current ruling government isn't encouraging the usage of decentralized money so don't expect the results to be in the favour of people atleast they didn't ban it which is the positive thing from the Bill. Avoiding tax isn't crime and its a skill so learn it from your experiences but never try to evade.

Do not take tax advice from anonymous people on the Internet, as the forum is multi-country and therefore most of us may not have visited India or know about the tax systems there.

The best solution to avoid paying taxes is to keep the currencies for as long as possible and sell them once. There are some ways to make the taxes you pay less, but you need a specialized lawyer and some experience that you gain with experiences and intelligence.

It is hard to tell the future of cryptocurrency in India because it is among the countries that operate in the separatism and communist way but the only solution I think would save people from paying huge taxes is DeFi based on what I read that there's no tax for DeFi and the good thing about this is that it will encourage more enthusiasm of crypto.

It'll be a market killer for sure. Especially trading would definitely end on local exchanges. The reason isn't 30% tax. The reason is the withholding tax that they are trying to charge of 1% of the sale proceeds every time you will sell your crypto. This is the game-changer because this is reducing your capital every time you trade. As per my understanding Withholding tax should only be on withdrawals or Fiat sales but it is being applied on every crypto to crypto transaction too which will obviously make things tricky for the traders who will have to either move on foreign exchanges or get a cut from their capital.

Of course they would prioritize first on the things which they could get a hold off or simply does have the control rather than on focusing on things which is out of their hands that's why decisions made aren't really that surprising in the first place.

How to avoid? As long you do make use of those centralized platforms and services then there's no way you could get away because if you do tend to avoid tax and once you get caught
then you do know the consequences.

This is a good sign that they have taxed earning from crypto but the amount I also feel is high. They are also planning to add 1 percent TDS on big crypto transaction which will make it more difficult for anyone to earn good money. Still the regulation bill is pending and more clarity will come up when it gets presented in the coming days.

There are two things in the world that you can't escape. Death and taxes.

In the Philippines, only those who are exempted from paying taxes are people who are just earning below $5,000 (P250,000 Philippine peso) annually. I know how hard it is to accept about the 30% crypto tax in India, but it's way much better than a total ban like what China did.

Recently, Russia has legitimized Bitcoin and cryptos as a currency and it's a positive move after last year's FUD that they are going to totally ban cryptocurrencies.

So if you are not happy with the 30% based on your income situation right now, it's better that you should find ways to increase your average daily, weekly, monthly and annual income whether if it's crypto or non-crypto related. Lower down your unnecessary expenses, increase your savings (whether in fiat, USDT or stablecoin) and do some gigs on the other side. There's no way you can avoid taxes mate, it's mandatory for a lawful citizen.

In this case, the government seems a little unfair to crypto users or traders, but this is all with a good aim to return to control the level of circulation and use of crypto in India so that it is not too free to use in a negative way because this is also related to the level of movement of the Indian economy. .
I think this is not a goal to destroy, but indeed the economic and financial control of each country under the auspices of the policy makers (government).

_{source : https://www.liputan6.com/crypto/read/4881794/masyarakat-india-tanda-tangani-petisi-untuk-kurangi-pajak-kripto-30-persen}

their government is very unfair even before wherein they don't care about the future of their community as long as they're getting richer in such way it doesn't matter for them who will suffer at the end of the day. So don't expect someone can stop that plan. Just don't expose your self that you owned crypto and you're making from it be anonymous instead. .

If a country goes on to increase tax payment for cryptocurrency that is not to mean a move to destroy it but maybe a little way to discourage people to go into it. I think such kind of move also is about means that they want to regulate it. Regulation is coming with means to sanitize that industry and if government is thinking of tax it can mean they want to be interested and get share from it too but it may be high.

Looks crazy if Indian government really adopted tax 30% and I think need to get profit on every trade above 100% because 70% as our profit and pay 30% for tax, but I think just an opinion and still not final decision for Indian government, not worry for all my friend there maybe your government will have change mind for deducted tax maybe 5% or under 4% is really understood by Indian trader or investor in cryptocurrency, looks not profitable for tax above 30% and not all Indian trader agree with this amount tax.

If they wanted to destroy the future of crypto in your country, then they would have already banned it instead of taxing it. They are now just trying to reap in as much profit as they can. At least you can still use crypto currencies legally now. There is no way you can avoid the tax legally unless you wish not to declare your crypto assets and earning. If you are a law abiding and tax paying citizen, then you must pay the tax because eventually you will have to since you will be selling it for fiat currency.

In my neighboring country India 30% government tax cryptocurrency has been legalized. Cryptocurrency at 30% rate The approval was not right at all. For those who are professional trader investors, the government tax has created some difficulties.

India is a country that will not ban cryptocurrencies because they know its worth. I have been reading another threat again about India’s finance minister waiting for consultations to decide whether to ban or regulate crypto (https://cointelegraph.com/news/india-s-finance-minister-waiting-for-consultations-to-decide-whether-to-ban-or-regulate-crypto). We do not know how this will be done but if not seeking for the false information and lies from Indian Central Bank, seeking for research and opinion from appreciate organisations and people, crypto will not be banned ever again in India which is against the wish of their central bank.

It's impossible to destroy the future of cryptocurrency.
Most cryptocurrencies are decentralized, no one owns them or can control them. I think you are talking about their regulations about cryptocurrencies which are already very common in other countries, just like China.

They just announced but yet to pass the fill correct me if I am wrong! 30% tax rate seems bit higher but it is acceptable than complete ban and also in future they will make changes if the community grows so no need to panic just be happy with the regulation which is a lot better than complete ban.

That 30% is a bit high though whereas if you compare the transaction fees of a local exchange sometimes reached to 10% plus a tax of 30% is like the government want more of your money. Well, it can't be help since some said that there are lots of corruption happening in India that's why the people are suffering a lot and they can't blame them if they want to switch to Bitcoin or crypto currency.

What could their people do if it's the Indian government's decision then they should follow or else they will ban crypto. By the way, is it true that their government want to make their own crypto currency like some of the countries did making their own digital currency?

The imposition of 30 per cent tax on cryptocurrency in India is undoubtedly a landmark move but investors will not be able to accept it easily. The government may reduce taxes on cryptocurrencies in the future. However, I think 30% tax is a kind of oppression on investors.

I got the news that the govt applied the rules that to provide 30% of tax in every earning of crypto. I think this is to good to make it legal first and also this is a bad to news provide a huge amount of tax to ignore and not to inspire to get the earning from it. I think govt need to think once again make few changes on it to make easy of using it cause it will be the future technology of the world. I don't have any idea right now hot to avoid this tax but hopefully you will find some way.

The government is putting the people of India in a difficult situation. I don't know the kind of tactics or model the government want to use against Indians. They want to make them happy that they will legalise crypto and they then will rip them off their earnings. 30% is too high. What happens if the person did not profit, we government help the person?