India May Levy 18 Percent Tax on Cryptocurrency Trading Starting July 2018, it is good news for every Indian who are waiting for that, it means Indian government has accepted Bitcoin currency. Indian economy is on the way of growth and needs to move to increase its cash flow and taxing crypto so it is a decent move. A hope to Indian cryptocurrency investors that bitcoin is being legitimized. A large volume of potential users are available in India, if an income is taxed, then it should mean that earning through that mode is legal. What a great news! Finally something beginning.
It seems like the Indian government don't have any updates about this one. Also I think this Goods and Services Tax is a little too much for an actively traded asset, this would mean that every time they sell a cryptocurrency they would be subject to 18% tax, but if this is classified as a capital gains tax then I would understand it as you would only pay if you have earned a gain. In my opinion I don't think this is India's way of moving forward but to dissatisfy Indians to invest in cryptocurrency. The must bring this tax rate down if they ever push through with this classification.
