Quote from: jrrsparkles on February 03, 2022, 07:57:53 PM

Quote from: MCVXYZ on February 03, 2022, 06:15:53 PM

Quote from: jrrsparkles on February 03, 2022, 05:26:23 PM

Quote from: crashedanon on February 02, 2022, 06:25:05 AM

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]

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?

Taxes for transactions? Or for the gains?

No government can simply ask taxes for the transactions they can only demand taxes for the income we made from it for example it can be capital gains ir profits from doing cryptocurrency trading.

Also I saw that they are going to be introducing their CBDC means they won't allow decentralized cryptocurrencies to grow in their market anymore.

I think Its for gains and they may pay the tax for the difference between the purchase and sales price, otherwise it wouldn't have any explanation. In many countries it is considered as a capital asset and taxed as property. So if non cryptographic currency is taxed for example 18%, who will pay 30%?

But OP mentioned its the tax rates for transactions, anyway we may get clear idea from the officials and I don't even see any cryptocurrency news blog sites mentioned about this? Surprising though because many reputed news sites claimed that India banned bitcoin completely when their Central Bank issued restrictions not the government but now no news about it.

Both of the news, the banning of bitcoin in India and this 30% tax on bitcoin are not the final verdict from the official sources. This is just being proposed and it will become the law once there is an official print and version released.
Since there are too many voices against this high tax, it is possible that government may lower the tax rates and/or make it more clear in the actual law.