95% Of Indian Crypto Trading Volumes Driven To Overseas Platforms
Hi guys Happy Monday to all and I hope you are well. After the weekend this is a working day for you. So 95% of trading volume completely disappeared from the Indian cryptocurrency exchange and this happened after a 30% flat tax and 1% TDS rule. Now government working hard to bring back the crypto trade volume for the Indian crypto exchanges so that they can earn tax. However, they are not ready to reduce taxes because they are still negative about crypto and according to them, crypto is complete gambling.
Taxation is the important part and if you are giving taxes then you are contributing to your country which is good. There is an auto tax deduction system for the employee who is doing a government or private job. However, it is a little difficult for a self-employed person to manage all the transactions and taxation. Taxation rule is different from country to country. If somewhere it is allowed to claim expenses and loans then it is completely banned in some places. Now coming to the 30% tax and 1% tds then it is completely worst taxation by the government.
This is not taxation but I call it a burden. I have shared many posts against this taxation and I will keep doing it. In the above paragraphs, I have talked about normal taxation which comes with a slab facility but things are totally different with crypto taxation and this is completely similar to gambling taxation. Indian government failed to provide jobs to the indian youth and now if some people earning from crypto, they are not allowing this. You know this parameter is very high and that is why most of the crypto users left the cryptocurrency field and the remaining people started using international platforms or decentralized platforms so most of the people not giving crypto tax.
Instead of this if the government focused on the affordable tax for the crypto users, they would be able to earn almost 90% tax so the scenario should be reversed. But it seems like they don't want the crypto industry to exist in India and they forcing Indian people to leave the crypto field or pay a 30% tax. However, there is a chance that crypto will grow in the future if the sensible government takes place in India but the chances are less. Not only 30% tax but TDS is a problematic thing too. Every crypto user is a trader too so as a trader I also object to 1% TDS.
You must have to pay taxes even if you are at a loss but this is only applicable when you are withdrawing your crypto. So Hold your crypto until the new government takes place otherwise it is your destiny and you have to accept it. Hope you liked this post. and also visit my previous post, "Planning Effective Budgeting Is The Key" where I have shared information regarding saving money and smart investment and I hope you will like it too.
Share this post on social media and also reblog it. Do a comment below I will meet you in my next blog. Have a good day.
Thank you, everyone.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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Nice post, with a big True, I'm also fácing the same to you.
you are from which country?
I am from Cuba.
!pizza
thanks
Tbh I hate anything related to tax. I don’t see governments providing any services for such huge tax to be paid to them. Here in my country crypto has been banned but luckily p2p is working just fine so the government themselves are the one losing out.
However I think 30% tax is too ambiguous for average folks.
Ys government is cruel bro
It is true that many countries' governments still have a negative perception of crypto and consider it as gambling and therefore impose high taxes on it.
true but things will change soon
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thanks
Yay! 🤗
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Bro same situation in our country too. Our government heads are still negative about crypto and according to them, crypto is total gambling.I think, every country's government should focus on affordable taxes for crypto users.