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100% , if we somehow got the data from these unregulated platforms i'm sure it will 75,000cr + maybe even 100kcr
that's the main problem with goverment isn't it , their first line of action is to ban instead of regulation ..did the same with fantasy app ..they missing out on 20-25 billion $ easily in revenue if they made clear regulation instead of fear mongering ..just take tax & let adults do what thet want to with thier own money.
It's beyond economics most of the time, it's the political game and the leaders want to show them as white, never committed any sin so people will chose them over the other.
If government made fair tax rate on crypto gains then people will be start using regulated exchanges so decreasing the tax rate might increase the revenue for the government assuming everyone will start paying their taxes instead of keeping it black money.
I agree that impractical taxations always lead to black economy. When governments tighten the gold import rules, we can see lots of news on smuggled gold and when tax on cigarettes goes up, China cigarettes hit the market more. Overall, higher taxes and regulations are always ending up in revenue losses to the government. But, it seems like no government (current and all previous) minds these, they want to collect as much as taxes from the one who voluntarily comes forward and leaving off the others.
Taxation is very very important for running a government smoothly and similarly paying taxes should not be a pain to people.
Direct tax collection in our country is very less that is why the government relied mostly on the indirect taxes paid by everyone but it just adds burden to everyone instead of the one who can afford, so the first thing is we need to encourage the people to pay their income taxes and it happens when the tax is very less and also create awareness about the tax payers benefits and government should have some kind of benefit for people who paid taxes when it comes to job opportunities or subsidies?
