Yesterday i.e. 1st February 2022 India announced its budget, and in the session, it stated that crypto transactions will be taxed at the rate of 30%. There is very less to be sure of what is the impact of the following decision[ +ve or -ve]
Please re-read the announcement. Crypto transactions are not going to taxed at 30%. It is the crypto gains that are going to taxed at 30%. Crypto transactions through centralized exchanges will attract 1% TDS.
I see that taxing cryptos has one good pro here i.e. it can be said that cryptocurrency is legal in India or maybe?
There are several cons as 30% is a big share.
Is there any possible way to legally avoid the taxations?
30% is obviously a big amount. But considering the fact that Indian government was thinking of banning cryptocurrency, I would say that tax is a net positive. You can now consider cryptocurrency as a legal asset in India.