Increase crypto tax from 30% to 55%

[pakhitheboss]

BJP member Sushil Kumar Modi wants the Finance ministry to increase crypto tax from 30% to 55% as he consider it as a form of gambling.

"Crypto is gambling. It is a form of lottery, a form of horse racing... When you put money in share market you know companies who are behind it but who are behind crypto?"

In my opinion he has no idea what Decentralization means and why any decentralized Blockchain cannot form a company as it is not owned or governed by an individual or a group.

I am also preety much sure that he doesn't know that cryptocurrency gambling and cryptocurrency trading are two different entities. This is not the first time that members from the ruling party have given out statements in public that proves how much they are aware about this new technology.

Read the full article and do share your thoughts.

[avikz]

MPs in India lacks basic IQ. Also when it comes to BJP, their IQ is severely lower than others. So Sushil Modi is no exception. Few years back, a congress MP had said cryptocurrency is a ponzi scheme. These kind of comments show their flawed understanding of cryptocurrency in general. When it comes to 2024, let's vote for better India and freedom.

We have had enough of old school legislators. India seriously needs young blood to come to politics and change for better.

[Mosharafhh]

Ha ha lol they are just wants to grab a early income from this sector also they wants to people not relate with crypto and scare about task and crypto income will be for those who already know how to income on this sector and they can give give huge amount of tax and other country people will eat banana!

[AnonBitCoiner]

55% is very big and I cannot say any crypto invester will agree to pay such a high fee. We are crying over 30% and they want to increase. Comparing of crypto with gambling is total injustice and if they want full scope of crypto they should first talk with senior crypto influencers.
What will happen if no body pay taxes. They will banned crypto?

[teosanru]

80% of Indian MPs are like this only, they have their decades-old educations (which too I doubt they have) and centuries-old hypotheses and moreover, they are rigid in their views and not ready to update themselves on upcoming innovation, It's all because of the bureaucrats that they have under them that the country is standing and still working if it was up to these people country would have duped a long time back.

The honorable SC of India itself stated that any activity can be declared as gambling only when the outcome is based upon sheer luck, while in cryptos you can see tons of people making money based on their skills. Moreover, if he is so confident why doesn't he file a writ into the HC saying that Crypto is gambling ban it. Because he knows he lacks the facts to do so. Apps like Dream11 have also now been stated as "Not Gambling" while this gentlemen thinks crypto is gambling.  

[pakhitheboss]

80% of Indian MPs are like this only, they have their decades-old educations (which too I doubt they have) and centuries-old hypotheses and moreover, they are rigid in their views and not ready to update themselves on upcoming innovation, It's all because of the bureaucrats that they have under them that the country is standing and still working if it was up to these people country would have duped a long time back.

The honorable SC of India itself stated that any activity can be declared as gambling only when the outcome is based upon sheer luck, while in cryptos you can see tons of people making money based on their skills. Moreover, if he is so confident why doesn't he file a writ into the HC saying that Crypto is gambling ban it. Because he knows he lacks the facts to do so. Apps like Dream11 have also now been stated as "Not Gambling" while this gentlemen thinks crypto is gambling.  

MP's I understand but, what about the bureaucracy? They are the one who were supposed to understand and come up with a solution. What they did now in the form of tax is only destroying the community. Most have either offloaded their holdings and some are planning to in the coming days.

[teosanru]

80% of Indian MPs are like this only, they have their decades-old educations (which too I doubt they have) and centuries-old hypotheses and moreover, they are rigid in their views and not ready to update themselves on upcoming innovation, It's all because of the bureaucrats that they have under them that the country is standing and still working if it was up to these people country would have duped a long time back.

The honorable SC of India itself stated that any activity can be declared as gambling only when the outcome is based upon sheer luck, while in cryptos you can see tons of people making money based on their skills. Moreover, if he is so confident why doesn't he file a writ into the HC saying that Crypto is gambling ban it. Because he knows he lacks the facts to do so. Apps like Dream11 have also now been stated as "Not Gambling" while this gentlemen thinks crypto is gambling.  

MP's I understand but, what about the bureaucracy? They are the one who were supposed to understand and come up with a solution. What they did now in the form of tax is only destroying the community. Most have either offloaded their holdings and some are planning to in the coming days.

I think bureaucracy is the only reason it has not been banned yet. See bureaucracy is there just to assist the government it cannot shape the opinion of the government, governments come up with their own ideas which they want to get implemented and that's what bureaucrats do, Government of India currently has an opinion that cryptos foster money laundering and can be a threat to them in long term so they are doing their best to discourage usage of cryptocurrencies as a whole, moreover bureaucrats also have their notions but yes they see things from other perspectives as well, so if a person things bitcoin is bad for the monetary system and should be banned, second thing he will see is can it actually be banned in any way??

[pakhitheboss]

Another statement from the same Rajya Sabha MP from the ruling party might give us an idea as to why the government has imposed such a harsh tax system for crypto transactions. This interview was published two days back and in this article, he has clearly stated that the government of India will make life hell for crypto investors.  Read the articles here.

[pawanjain]

Another statement from the same Rajya Sabha MP from the ruling party might give us an idea as to why the government has imposed such a harsh tax system for crypto transactions. This interview was published two days back and in this article, he has clearly stated that the government of India will make life hell for crypto investors.  Read the articles here.

It does not mean that the government has taken this decision just because of some low IQ MP thinks investing in cryptocurrency is gambling.
Sushil Kumar is a so called M.Sc in Botany yet all his tweets are in Hindi and he's the finance minister of Bihar. I wonder if his degree is legit.
If only he would have read Mastering bitcoin now that it's available in Hindi, then he would have understood why crypto is a necessity and not gambling.

[JSRAW]

Another statement from the same Rajya Sabha MP from the ruling party might give us an idea as to why the government has imposed such a harsh tax system for crypto transactions. This interview was published two days back and in this article, he has clearly stated that the government of India will make life hell for crypto investors.  Read the articles here.

It does not mean that the government has taken this decision just because of some low IQ MP thinks investing in cryptocurrency is gambling.
Sushil Kumar is a so called M.Sc in Botany yet all his tweets are in Hindi and he's the finance minister of Bihar. I wonder if his degree is legit.
If only he would have read Mastering bitcoin now that it's available in Hindi, then he would have understood why crypto is a necessity and not gambling.

One should absolutely criticise his recent fuckery when he gave bizarre speech in Rajya Sabha regarding tax but what's the connection in between his MSc degree and tweets in Hindi?

I hope you're not implying that if anyone using Hindi or their mother tongue is anpad-gawar-illiterate and fraud as far as their degrees are concern?

I'd like to believe that you don't practise this behaviour irl but if that's the case then best of luck in ridiculing and looking down at 90% of Indians.

[pawanjain]

Another statement from the same Rajya Sabha MP from the ruling party might give us an idea as to why the government has imposed such a harsh tax system for crypto transactions. This interview was published two days back and in this article, he has clearly stated that the government of India will make life hell for crypto investors.  Read the articles here.

It does not mean that the government has taken this decision just because of some low IQ MP thinks investing in cryptocurrency is gambling.
Sushil Kumar is a so called M.Sc in Botany yet all his tweets are in Hindi and he's the finance minister of Bihar. I wonder if his degree is legit.
If only he would have read Mastering bitcoin now that it's available in Hindi, then he would have understood why crypto is a necessity and not gambling.

One should absolutely criticise his recent fuckery when he gave bizarre speech in Rajya Sabha regarding tax but what's the connection in between his MSc degree and tweets in Hindi?

I hope you're not implying that if anyone using Hindi or their mother tongue is anpad-gawar-illiterate and fraud as far as their degrees are concern?

I'd like to believe that you don't practise this behaviour irl but if that's the case then best of luck in ridiculing and looking down at 90% of Indians.

Nope, I don't mean that in any sense. What I mean is that he's a M.Sc in botany which shows that he is highly educated and still he doesn't speak or tweet in English.
This gives me a suspicion as his degree might be fake and in that case he might be a fraud which is why he is against crypto.
But again, I don't think that the government of India will be so stupid to find out if he's a fraud or not.
Honestly speaking, I said that in anger and I think I shouldn't make fun of one's profession. Apologies.

[JSRAW]

Another statement from the same Rajya Sabha MP from the ruling party might give us an idea as to why the government has imposed such a harsh tax system for crypto transactions. This interview was published two days back and in this article, he has clearly stated that the government of India will make life hell for crypto investors.  Read the articles here.

It does not mean that the government has taken this decision just because of some low IQ MP thinks investing in cryptocurrency is gambling.
Sushil Kumar is a so called M.Sc in Botany yet all his tweets are in Hindi and he's the finance minister of Bihar. I wonder if his degree is legit.
If only he would have read Mastering bitcoin now that it's available in Hindi, then he would have understood why crypto is a necessity and not gambling.

One should absolutely criticise his recent fuckery when he gave bizarre speech in Rajya Sabha regarding tax but what's the connection in between his MSc degree and tweets in Hindi?

I hope you're not implying that if anyone using Hindi or their mother tongue is anpad-gawar-illiterate and fraud as far as their degrees are concern?

I'd like to believe that you don't practise this behaviour irl but if that's the case then best of luck in ridiculing and looking down at 90% of Indians.

Nope, I don't mean that in any sense. What I mean is that he's a M.Sc in botany which shows that he is highly educated and still he doesn't speak or tweet in English.
This gives me a suspicion as his degree might be fake and in that case he might be a fraud which is why he is against crypto.
But again, I don't think that the government of India will be so stupid to find out if he's a fraud or not.
Honestly speaking, I said that in anger and I think I shouldn't make fun of one's profession. Apologies.

I can understand that we're experiencing tough times and our parliamentarians are intolerable bunch and i also understand that sometimes we need to vent out our frustration but in doing so we shouldn't forget where we comes from.

IMO he and many political outfits all around the world are against crypto-tech because they don't understand it and afraid of it that's it and IMHO it's not related to language at all. English is just an mode of communication like every other language but due to colonial mindset its affecting every aspect of life in India and become status symbol. In contrast look at Japan, SK, Taiwan, China, Israel, Germany, France.

[Cryptogames999]

[

Nope, I don't mean that in any sense. What I mean is that he's a M.Sc in botany which shows that he is highly educated and still he doesn't speak or tweet in English.
This gives me a suspicion as his degree might be fake and in that case he might be a fraud which is why he is against crypto.
But again, I don't think that the government of India will be so stupid to find out if he's a fraud or not.
Honestly speaking, I said that in anger and I think I shouldn't make fun of one's profession. Apologies.

We neither seen their certificates of education or anything and do you still believe he is tweeting?
I myself believe these politicians are using their assistants to post on Social media sites.
I totally agree with you that our country won't do such stupid things, but these days everything is rising not lowering.

[elevates]

India's plan to levy a 30% tax on cryptocurrency trading is a welcome development for the country's digital asset exchanges.
Since the government announced the fee on the transfer of digital assets in its annual budget, India's largest crypto exchange has seen daily sign-ups on its platform surge nearly 30%. The other well-known exchange had a daily gain of 35%.
In the next two to three years, the government expects 100 million people in the country to begin investing in cryptocurrency.

With the levies outlined in the budget, investors are seeing a lot of clarity and certainty. Previously, individuals were on the fence about whether or not cryptos were permitted.

[teosanru]

India's plan to levy a 30% tax on cryptocurrency trading is a welcome development for the country's digital asset exchanges.
Since the government announced the fee on the transfer of digital assets in its annual budget, India's largest crypto exchange has seen daily sign-ups on its platform surge nearly 30%. The other well-known exchange had a daily gain of 35%.
In the next two to three years, the government expects 100 million people in the country to begin investing in cryptocurrency.

With the levies outlined in the budget, investors are seeing a lot of clarity and certainty. Previously, individuals were on the fence about whether or not cryptos were permitted.

Are you really sure about the data point? I saw some people writing about fall in volumes due to this draconian tax of 30% being levied. Even though I agree with you on this point that people have now got some Clarity about the legality, still when the TDS law will kick in after 1st July, all these investors will really have a hard time protecting their funds from it. Because with every sale you will lose 1% of your overall capital.

[elevates]

India's plan to levy a 30% tax on cryptocurrency trading is a welcome development for the country's digital asset exchanges.
Since the government announced the fee on the transfer of digital assets in its annual budget, India's largest crypto exchange has seen daily sign-ups on its platform surge nearly 30%. The other well-known exchange had a daily gain of 35%.
In the next two to three years, the government expects 100 million people in the country to begin investing in cryptocurrency.

With the levies outlined in the budget, investors are seeing a lot of clarity and certainty. Previously, individuals were on the fence about whether or not cryptos were permitted.

Are you really sure about the data point? I saw some people writing about fall in volumes due to this draconian tax of 30% being levied. Even though I agree with you on this point that people have now got some Clarity about the legality, still when the TDS law will kick in after 1st July, all these investors will really have a hard time protecting their funds from it. Because with every sale you will lose 1% of your overall capital.

I'm reading various digital news sites and seeing a mix of stories, such as experts predicting that the new tax and TDS will cause many crypto companies to leave India, while Indian crypto exchanges have seen increasing activity, maybe due to new investors. Since the tax eliminates the ongoing uncertainty that previously plagued the (sector) crypto,
In short, those interested in crypto investments applauded the action, but they object to the increased tax and GST.

[Flyingjack123]

BJP member Sushil Kumar Modi wants the Finance ministry to increase crypto tax from 30% to 55% as he consider it as a form of gambling.

"Crypto is gambling. It is a form of lottery, a form of horse racing... When you put money in share market you know companies who are behind it but who are behind crypto?"

In my opinion he has no idea what Decentralization means and why any decentralized Blockchain cannot form a company as it is not owned or governed by an individual or a group.

I am also preety much sure that he doesn't know that cryptocurrency gambling and cryptocurrency trading are two different entities. This is not the first time that members from the ruling party have given out statements in public that proves how much they are aware about this new technology.

Read the full article and do share your thoughts.

Our politicians have been hopeless for decades and the way sushil modi is talking one statement made by Sam Manikshaw comes to my head that was
"I wonder whether those of our political masters who have been put in charge of the defence of the country can distinguish a mortar from a motor; a gun from a howitzer; a guerrilla from a gorilla, although a great many resemble the latter."
These are bunch of idiots with little knowledge but big mouth.