158 crores collected from taxation on crypto

[pawanjain]

Just after the 30% direct tax and 1% TDS on crypto transactions, the crypto wave in India was drastically decreased.
A lot of negativity was spread in the crypto community of India or so did we think.
The people didn't completely stop trading in cryptocurrencies since an announcement was recently made which shares the amount collected as tax.
A whopping 158 crores was collected by the Indian government from crypto taxation and this number will only increase in future now that bitcoin is bullish again.
This is just the amount which people have shown to the government and we can't even imagine what would be the actual volume of crypto transactions from India.

Read more at https://www.msn.com/en-in/news/other/tds-on-crypto-assets-modi-govt-collected-rs-158-cr-direct-tax-in-fy23-prevention-of-money-laundering-income-tax/ar-AA19dFNg

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1714783337

[pakhitheboss]

You are right this is just the amount which has been generated from those users who have used local crypto exchange. There are many who have stopped converting crypto to INR using these exchanges. I am waiting to hear & understand how the government would be going after them.

[IIrik11]

this blood thirsty vampire of a govt.

just wants to extort money any which way possible.

first they pushed everyone to start doing digital payments instead of cash in physical stores.

now they have imposed 1.1% fee on any transaction over rs. 2000/-

so, basically you pay tax on your earning and gst+fee on spending.

what kind of fuckery is this?

[erikalui]

I don't get why there they want to demotivate all customers having forex or crypto transactions by penalizing them with huge tDS deductions. They even banned SBM recently and stopped all foreign trades which was beneficial for customers as they could pay 0% forex conversion fee. Everything that's helping the people is banned by them.

[pawanjain]

I don't get why there they want to demotivate all customers having forex or crypto transactions by penalizing them with huge tDS deductions. They even banned SBM recently and stopped all foreign trades which was beneficial for customers as they could pay 0% forex conversion fee. Everything that's helping the people is banned by them.

Or so do we think.


Cryptocurrencies fall under the AML policies as per the recent guidelines by government of India.
This shows that India is very much concerned about money laundering and we all know how good crypto is when using it for money laundering.
This is one of the major reasons why India is against the use of cryptocurrencies.
But according to me, India should create more regulatory policies so that Indians can trade cryptocurrencies and not use it for money laundering.

One idea that just struck in my mind is creating India's own government authorized cypto exchange which allows users to trade cryptocurrencies.
This way India will be able to track money laundering, encourage crypto trading, utilize it for taxation as well as promote the use of it's upcoming CBDC.

Ek baan chaar nishaan 

[erikalui]

I don't get why there they want to demotivate all customers having forex or crypto transactions by penalizing them with huge tDS deductions. They even banned SBM recently and stopped all foreign trades which was beneficial for customers as they could pay 0% forex conversion fee. Everything that's helping the people is banned by them.

Or so do we think.


Cryptocurrencies fall under the AML policies as per the recent guidelines by government of India.
This shows that India is very much concerned about money laundering and we all know how good crypto is when using it for money laundering.
This is one of the major reasons why India is against the use of cryptocurrencies.
But according to me, India should create more regulatory policies so that Indians can trade cryptocurrencies and not use it for money laundering.

One idea that just struck in my mind is creating India's own government authorized cypto exchange which allows users to trade cryptocurrencies.
This way India will be able to track money laundering, encourage crypto trading, utilize it for taxation as well as promote the use of it's upcoming CBDC.

Ek baan chaar nishaan 

I feel it's more about investing in foreign currencies. Like SBM supports Indians to invest in forex market and make foreign transactions. Hence, they banned it and are charging 20% TDS on all such transactions no matter the amount.

Crypto was something they always hated but now prefer taxing it heavily. They have started charging for UPI transactions also which is currently applicable for merchants.