Today's info to the World from India - Bitcoin

[AjithBtc]

The ruling government is planning to impose 18% tax on cryptocurrency trading. Right now one among the wing under the finance ministry has made a study and reported an annual trading of around ₹40000 crore. This when valued on USD it'll be around $5500m. From this government could get a 18% revenue which will be around $1000m.

The cryptocurrency market is unregulated in the country. Now more and more planning is being done and under development to take the revenue out of the cryptocurrency usage.

Source : Times of India

[buwaytress]

Be cautious now about what you read in the papers. Times of India has been pretty decent in its crypto/Bitcoin reporting but I gotta say, it's been partly at fault in 2018/19 for helping sow seeds of confusion with regards to the situation there. I mean, yeah, there was the occassional bank account block but they always made it out like it'd be some kind of looming Deathstar for Bitcoin. And we all know it turned out far more benign than most people were prepared for. Going to predict the exact situation in this scenario.

[Lorence.xD]

18% is a lot of money just for trading, to be honest Indian government needs to take a firm stance on banning or regulating cryptocurrency before imposing taxes.

Be cautious now about what you read in the papers. Times of India has been pretty decent in its crypto/Bitcoin reporting but I gotta say, it's been partly at fault in 2018/19 for helping sow seeds of confusion with regards to the situation there. I mean, yeah, there was the occasional bank account block but they always made it out like it'd be some kind of looming Deathstar for Bitcoin. And we all know it turned out far more benign than most people were prepared for. Going to predict the exact situation in this scenario.

Isn't every news outlet sower of confusion nowadays? Media only goes for sensational articles so FUD will definitely be spread because that garners more audience than telling the truth. Hopefully your silver tongue works and this Damocles' sword is just a toy sword.

[irixo10]

The ruling government is planning to impose 18% tax on cryptocurrency trading. Right now one among the wing under the finance ministry has made a study and reported an annual trading of around ₹40000 crore. This when valued on USD it'll be around $5500m. From this government could get a 18% revenue which will be around $1000m.

The cryptocurrency market is unregulated in the country. Now more and more planning is being done and under development to take the revenue out of the cryptocurrency usage.

Source : Times of India

And yet some people will say trash about Bitcoin and other cryptocurrencies but here is the government thinking and planning of how to increase tax for crypto trading which only means one thing, they want to make more money, but can you make more money from something that has no value? The answer is no, so I think it's right time people change their perspective about Bitcoin because it is now a very valuable coin. On the other hand, if this news is true, then it could bring about fud and moreover the tax looks too much from a country which is yet to fully take a stand on cryptocurrencies and all that relates to it, I just hope they find a good landing for all parties, because that tax will only bring about discouragement especially to upcoming crypto projects.

[meanwords]

18% is actually not that bad as many expected to be more that that. There was a news (https://www.coindesk.com/india-plans-to-tax-income-from-bitcoin-investments-report) just early this December that people are expecting like 30% income tax from cryptocurrency which is completely absurd. At least India's tax level is almost the same with Korea which is 20%.

[buwaytress]

Isn't every news outlet sower of confusion nowadays? Media only goes for sensational articles so FUD will definitely be spread because that garners more audience than telling the truth. Hopefully your silver tongue works and this Damocles' sword is just a toy sword.

Blame us for doing that really. We're not interested in reading news if it's not sensational. But to be fair, no, not every news outlet is responsible for that. I just feel like ToI in particular, has been trying to be good on the reporting, but more often than not is quoting "reliable sources" and not actually naming them, except for that particular blockchain lawyer who keeps getting interviewed.

Which is perfectly fine from a journalistic standpoint, but when it happens all the time, we wonder if there's any salt in the story, you know?

[sunsilk]

18% is a lot of money just for trading, to be honest Indian government needs to take a firm stance on banning or regulating cryptocurrency before imposing taxes.

Just as I'm thinking. I've remembered the issue towards RBI imposing ban and then we get to see an article that they'll be imposing tax on crypto trades.

18% isn't welcoming for the taxation. But does the crypto people of India can do anything with that? none.

[avikz]

The ruling government is planning to impose 18% tax on cryptocurrency trading. Right now one among the wing under the finance ministry has made a study and reported an annual trading of around ₹40000 crore. This when valued on USD it'll be around $5500m. From this government could get a 18% revenue which will be around $1000m.

The cryptocurrency market is unregulated in the country. Now more and more planning is being done and under development to take the revenue out of the cryptocurrency usage.

Source : Times of India

Not sure about the legitimacy of this news but if it happens, I would welcome that! That finally means that we would be able to do crypto trading legally and show our income on our tax fillings! I am sure few people will be upset with this news because they have been trading on cryptos since a long time without declaring any income to the government and earnig black money, but majority of the traders are willing to do it legally.

Just one thing, the government should not provide retrospective effect on this. It will become very complex otherwise!

It's far far better than a blanket ban most certainly! Even though I still doubt our cow dung cabinet has the brain to understand the power of cryptocurrency!

[yazher]

The ruling government is planning to impose 18% tax on cryptocurrency trading. Right now one among the wing under the finance ministry has made a study and reported an annual trading of around ₹40000 crore. This when valued on USD it'll be around $5500m. From this government could get a 18% revenue which will be around $1000m.

The cryptocurrency market is unregulated in the country. Now more and more planning is being done and under development to take the revenue out of the cryptocurrency usage.

Source : Times of India

Ow! that's a lot of tax they will about to impose their and we still don't know how much commission of the local exchanges are there because those exchanges need to make some business as well. as for our local exchanges they put at least plus 2.5% if you want to buy some bitcoins and less than 2.5% when you want to sell your BTC. still our government does not make their decision regarding taxation on cryptocurrencies we still safe from what the Indian holders will have.