India has about 15-20 million crypto Investors and several lakhs of young Indians (with an average age of 17-27 years) who are part of the Industry and are actively engaged in the development and deployment of various services in crypto. The total assets held by Indian crypto investors are pegged at about $5-6 Billion (Source: Reuters). Most of these are held by small investors with the intention to diversify their portfolios and have been disclosing their gains honestly and paying the applicable tax.

Petition Link: change.org/cryptotaxpolicy

Crypto Industry also contributes significantly to the country in the form of providing Employment, Bringing in FDI Investments, GST payments, and Income tax revenues to the government. This is acknowledged by the fact that cumulative average daily trading volume on Indian exchanges ranges about $100-200 million (Rs.750 Cr- Rs.1500 Cr) and at an average cost of 0.2% as brokerage charged by exchanges on each buy and sell transactions, results in GST tax collection of about Rs.50-Rs.100 Lakhs on a daily basis. In addition to this, the Indian crypto ecosystem has also obtained about $638 million worth of Funding from International investors in 2021 (Source: Economic Times).

Crypto Industry has been actively seeking regulations and has extended its complete support to the Government to ensure transparency in activities and also supported the authorities in their Investigations. The Proposals put forth by the Honorable Finance Minister in Budget 2022 placed crypto at the same footing against social evils like Betting and gambling. This can have a devastating impact not only on the Industry per se but the economy as a whole.

Hence, In the best interest of our country, Investors, and the industry as a whole, we urge you to reconsider the following budget proposals. The Industry wants to help the Government bring out regulations and also establish India as the global hub for crypto which aligns with our vision of achieving a $5 Trillion economy.

1. Crypto Industry should not be treated at the same footing as those of the betting and gambling industry. Crypto not only includes speculation on assets by traders per se but also encompasses and explores various use cases of the underlying technology.

2. Current proposed tax rate at 30% under section 115BBH to be brought in line with section 111A and Section 112A i.e. Tax rate as applicable to stock market transactions.

3. TDS at 1% on Sale consideration under section 194S to be reduced to 0.05% or Alternatively, SFT be implemented for Crypto exchanges at the same footing as Stock exchanges.

4. Cost of Acquisition should be defined to include Exchange fees, Blockchain network fees, Interest payment, Royalty payments on NFTs etc.

5. Loss set-off and carry-forward should be allowed since crypto markets are in their initial stages and are highly volatile.

Petition Link: change.org/cryptotaxpolicy
 
Honorable Finance Minister,

We urge you to kindly consider these requests from the Industry. Since, the proposals in their current form, have a devastating impact not only on Crypto traders but Crypto Industry as a whole.

Thank you
Indian Crypto Community : 

Please Support by Signing The petition here - change.org/cryptotaxpolicy

Hello Folks.
We are looking for 10-20 people who can help us with a marketing campaign on Twitter, Discord & Telegram for an active crypto project.

Please DM me for more info.
Thanks.

Interesting. What if my favourite kitty looses? Is there a way to get it back?

Is there any virtual solution? Exchanges in India are not allowing for fiat & physical cards can only be issued by RBI.

Thank you for sharing this.

50% ETH for ICO or Hodl, 10 % Btc when price falls, rest invest in coins such as doge, ripple, etc

get a hardware wallet, store your cryptos there and happy hodling.

JUST do 1 pos daily to get 1 activity poinnts daily

checkout butst coin, proof of capacity mining. it saves electricity.

Goodwill Protocol serves as a way to digitally connect diversely disconnected population through common means of digital interaction using blockchain technology and smart contracts. Through Goodwill Protocol ICO, we aim to motivate participants in forming public-private partnerships to directly to foster participatory citizen engagement on governance and policy formation to create Goodwill Economy driven by the use of Goodwill Protocol and goodwill intentions of the participants to work for the benefit of all Goodwill Economy participants.
Participants share ideas, visions and causes around Goodwill Economy transacted through theuse of Goodwill Protocol, taking in the best causes, ideas, and visions the Goodwill Protocol ICO. Participants have to foster a self-evolving environment that manifests the best that humanity has to offer in evolving the Goodwill Economy going forward.
Weblink - https://beginning.world/goodwill/
ICO Details
ICO Price - 0.0001 ETH
ICO: 5,000,000,000 Goodwill Coins
Date - 1-11-2017 - Until ICO completes
Whitepaper - https://beginning.world/static/ico/goodwill.pdf

Founder - https://www.linkedin.com/in/yfushimi/

Token Allocation
Fundraiser (ICO) : 50%
Community Grants, Partnership & Bounties : 20%
Long-term Foundation Budget : 20%
Team(current & future), Advisors and Early Contributors : 10%

Funding Allocation
Software Development : 40%
ETH Reverse : 20%
Marketing & Business Development : 12%
Seeding token changers and ETFs : 10%
Operational Expenses : 8%
Legal Expenses : 5%
Misc & Unexpected : 5%

Basic Income for all citizens is a great initiative...

Very good concept and vision. I love the idea of social well being. We can save many human lives with this project. Best of luck with your ICO.

Very good coin and good vision. This will change the future. Hassle free startup funds