Indian authorities have not yet decided on the legalization of crypto money, but they think that the money they will earn thanks to taxes will be very useful.
According to India’s local news agency, Press Trust, the government is investigating the amount of tax that could come from digital assets under the goods and services tax (GST). Provided by exchanges in India existing crypto services are classified as financial services exists as.
February 1, 2022 Nirmala Sitharaman, Minister of Finance of India, announced that a 30% tax will be applied to income from virtual digital assets.
According to research platform BrokerChooser, in India about 100 million cryptocurrency users. This is in a country they have the most cryptocurrency transactions states.
According to the calculations of Nischal Shetty, founder of India’s local cryptocurrency exchange WazirX, $100 million additional income can win. However, the Indian government will take from the transactions, regardless of profit or loss. Remove 1% extra commission states it should. According to Shetty, under these conditions, it will benefit from being the government of India.
However, the Reserve Bank of India reported on March 17 that cryptocurrencies requesting the arrangement applications by refusal and completely ban should had said.
Reserve Bank of India (RBI) Wants to Ban Cryptocurrencies
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