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[aryan4]

Business Standard, one of India's largest English newspapers, reported that the government is likely to impose both personal income tax (IT) and goods and services tax (GST) on earnings from cryptocurrency trading.
According to the newspaper's sources, the authorities aim to collect both taxes for the April 2020 - March 2021 fiscal year.
What do you think of this double taxation?

 

[Brain]

Since India is even against the use of Bitcoin and crypto currency in their country , then this imposition of taxes is to force the people to limit their use of btc and Crypto currency. So it an indirect way of trying to kill it's trading

 

[Niftyicon]

I guess the Indian government has found new ways to discourage the people from the use of Cryptocurrencies. I think the previous partial ban wasn't doing the job as well as they thought it would.

 

[aryan4]

I guess the Indian government has found new ways to discourage the people from the use of Cryptocurrencies. I think the previous partial ban wasn't doing the job as well as they thought it would.

Governments can sometimes be quite persistent in making such decisions for some reason. Some comments claim that the government is trying to collect taxes before the ban.

 

[microunit]

Some small traders just gets a really small profit margin everyday from trading and if they tax that even further I think small traders might have to think twice before continuing to earn from trading

 

[aryan4]

I think this will affect the crypto trading on India and most of the traders will end up quiting crypto trading specially bitcoin trading. I also got the news that India is banning cryptocurrencies now.

Unfortunately, the Indian government is not positive about the coins. I think the decisions they make upset the investors. I hope they will abandon these bans against coins.

 

[anil02]

Business Standard, one of India's largest English newspapers, reported that the government is likely to impose both personal income tax (IT) and goods and services tax (GST) on earnings from cryptocurrency trading.
According to the newspaper's sources, the authorities aim to collect both taxes for the April 2020 - March 2021 fiscal year.
What do you think of this double taxation?

Government will charge GST from every one who is dealing in crypto but Income tax paid but persons who earned profit. I read that RBI will launch their our crypto, don't know it is true are false

 

[GoldenLady]

Sometimes, it's baffling that the countries whose people will benefit most economically from cryptocurrency are the ones to ban it, like in the cases of India and Nigeria.

This taxation might even be worse than just banning it.

 

[anil02]

Yeah indian government is not doing good to the large and uncountable small investors from India. Launching their own cryptocurrency will not solve the problem at all. Bitcoin and many other cryptocurrencies will lose many investors.

It is duty of every citizen of country to pay income tax on their earning it is not question how they are earning it. So what is wrong in it.

 

[Wisdom01]

Well i think the government are finding any possible means to generator more tax , and i think they know that the financial instinct like banks that generation them more revenue have been affected by crypto movement. So they are finding many possible means i think

 

[Wisdom01]

It's not wrong for people to pay the tax defined by government on their earnings but it's wrong to implement too much tax for some profit. Also I heard they india government decided to ban buy , sell and trading of most of the cryptocurrencies including bitcoin and they are introducing their own cryptocurrency in exchange.

Yeah this is to show that very soon people would start paying tax to exchange the crypto currency they are creating , and this is the reason for their creation

 

[Brain]

I guess the Indian government has found new ways to discourage the people from the use of Cryptocurrencies. I think the previous partial ban wasn't doing the job as well as they thought it would.

Yeah they are looking for a safe landing and they believe this method will fly, so they are insisting with it. I'm sure this will deter people from investing more

 

[anil02]

It's not wrong for people to pay the tax defined by government on their earnings but it's wrong to implement too much tax for some profit. Also I heard they india government decided to ban buy , sell and trading of most of the cryptocurrencies including bitcoin and they are introducing their own cryptocurrency in exchange.

If earning of some one is less than 250000 in a year, including earning from crypto business, they need not to pay income tax. It is right Indian government have plan to launch their own crypto currency.

 

[anil02]

Well i think the government are finding any possible means to generator more tax , and i think they know that the financial instinct like banks that generation them more revenue have been affected by crypto movement. So they are finding many possible means i think

You are right, at present we can't buy gorccery with crypto but in coming years it is possible that we can use it buy groccery and other things so government is preparing to face this situation

 

[Brain]

You are right, at present we can't buy gorccery with crypto but in coming years it is possible that we can use it buy groccery and other things so government is preparing to face this situation

Good to read from some one from this country you have given a real insight into the situation. I hope whatever decision the government decides to take it will be for the good of everyone

 

[crypworld]

That's the right thing to do rather than banning cryptocurrency for good in India.

Once crypto is regulated in every country, it should work smoothly to an extent with not much bad players.

 

[Niftyicon]

It's not wrong for people to pay the tax defined by government on their earnings but it's wrong to implement too much tax for some profit. Also I heard they india government decided to ban buy , sell and trading of most of the cryptocurrencies including bitcoin and they are introducing their own cryptocurrency in exchange.

It is not bad but when those taxes are obviously levied to discourage users, then, it becomes bad. I guess all of that was to get more attention on their own crypto.

 

[GoldenLady]

It is not bad but when those taxes are obviously levied to discourage users, then, it becomes bad. I guess all of that was to get more attention on their own crypto.

Even if India has it's own cryptocurrency, it will be centralized,which means excessive control and regulations. That's not exactly what people are looking for with Bitcoin and altcoins.

 

[Niftyicon]

Even if India has it's own cryptocurrency, it will be centralized,which means excessive control and regulations. That's not exactly what people are looking for with Bitcoin and altcoins.

The government probably knows that and would rather take away the people's ability to choose by making only that option of the centralized crypto available to them.

 

[anil02]

It is not bad but when those taxes are obviously levied to discourage users, then, it becomes bad. I guess all of that was to get more attention on their own crypto.

You are right that any act which discourage users are bad one. But we must be remember that trading is crypto is sepculation and not real trading. So taxes may he high on it in India