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❓ASK Tax on Bitcoin trading can imposed in India.

CrazySher

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It is rumoured that Indian government may issue 18% of GST tax on Bitcoin trading. Do, any other countries also impose tax on Bitcoin trading.
 
When government coffers are empty, they look for different ways to tax people. I don't think people will trade in a straight forward way; they will find ways to circumvent taxes.
Yeah this is always the government tactic to always milk it's citizens with whatever opportunity they can instead of helping them invest more
 
18% is a way to high when there is no assurance of any benefit government is gonna give the traders. It is better reduced for an enabling trading environment for Crypto enthusiasts.
 
That's very high especially for low cryptocurrency investors. I think they have to consider the welfare of the small investors before putting up these charges .
 
I thought India government was planning on banning crypto currency ,now the government are now planning on gaining more revenue from it, but this would really affect small bitcoin traders
 
I don't know any other country that is trying to impose tax on bitcoin, I think is high time countries begin to make money on bitcoin trading. Since bitcoin has be come one of most sort crypto.
 
I think it would be better and rational if a proper tax was introduced. I think tax will also mean legal recognition of bitcoin.
 
18% is a way to high when there is no assurance of any benefit government is gonna give the traders. It is better reduced for an enabling trading environment for Crypto enthusiasts.
If there will be an 18% rate in tax regulations, it is a really high rate. Such a large amount of tax will prompt investors to look for other ways.
 
If there will be an 18% rate in tax regulations, it is a really high rate. Such a large amount of tax will prompt investors to look for other ways.
It a technical way to limit people access or activities arround Crypto currencies in the country, I am sure people will find ways to bouycot such taxes.
 
This is terrible news! I would not want to pay tax for keeping all my money in cryptocurrency. This is not fair, and the state is simply trying to make money on people like me. It is imperative to solve this problem and seek help from specialists in solving tax problems. If everyone does not do this, we will be left without money. In the hope of making money, I invested all my money in bitcoins and gradually began to make a profit. My business requires constant investment. Why should I share my money with others?
 
I don't think the India government will tax funds in your Crypto currency wallet but at the point of converting the funds to indian rubee is where you will pay tax which o don't think is bad if they will support and uphold Crypto currencies.
 
As at now India wants to create its own digital money system and its a way to go in my view.They have no further intentions to allow people to hold crypto what So ever.Six months has been given to liquidate all assets.So no tax will be imposed but I think they are paving a way for their own coin.
 
This is what governments all over the world want. They don't have any control to Cryptocurrency and they have no idea how to tax it that's why they are so against it.
 
That is a big shame to them for being so selfish.they are able to afford good holidays with their families to fly to most prestigious destinations but they do not want individuals to do them same that is so sad.Then let everyone's voice be heard.We shoukd fight this injustice.....
 
As at now India wants to create its own digital money system and its a way to go in my view.They have no further intentions to allow people to hold crypto what So ever.Six months has been given to liquidate all assets.So no tax will be imposed but I think they are paving a way for their own coin.
This is not an improvement. They will be restricting a lot of people from making gains in the future.

Does this mean they want to ban cryptocurrency trading in six months, or they will just start imposing taxes after six months?
 
This is not an improvement. They will be restricting a lot of people from making gains in the future.

Does this mean they want to ban cryptocurrency trading in six months, or they will just start imposing taxes after six months
As it stands right now no cryptocurrency activities what's ever are welcome in India as the central bank no longer recognise it or back it.That means you can't link any cryptocurrency transaction to Fiat currency then withdraw.India has broken the record after Cigna successfully achieved that.

Yes it is not good news at all as it may impose alot of taxation to bring in these world coins into the country's financial legislature after the six months liquidation period elapses.
 
It is rumoured that Indian government may issue 18% of GST tax on Bitcoin trading. Do, any other countries also impose tax on Bitcoin trading.
I have been reading about this tax on bitcoin by the government lately. This is one idea I do not like at all. This should be restrictive so that bitcoin can strive better
 

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