The petition explains that “The proposals in their current form have a devastating impact not only on crypto traders but crypto Industry as a whole.” cryptocurrency bitcoin $BTC
Many Indians have signed a petition for the government to introduce reasonable crypto tax policies. This week, India’s finance minister, Nirmala Sitharaman, proposed taxing crypto income at 30%.
The petition begins by noting that there are about 15-20 million crypto investors in India as well as several hundred thousand young Indians who are part of the industry. In addition, Indian investors are holding about $6 billion in crypto assets. The petition adds: Crypto Industry also contributes significantly to the country in the form of providing employment, bringing in FDI Investments, GST payments, and Income tax revenues to the government.The first request is for the crypto industry not to be treated like the betting and gambling industries. The second is to bring the current proposed tax rate of 30% in line with the tax rate applicable to stock market transactions.
Furthermore, the proposed 1% tax deducted at source should be reduced to 0.05% and “Loss set-off and carry-forward should be allowed since crypto markets are in their initial stages and are highly volatile.” The cost of acquisition should also be defined “to include exchange fees, blockchain network fees, interest payments, royalty payments on NFTs, etc.”We urge you to kindly consider these requests from the industry.
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