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India doesn’t seem to be offering a friendlier environment for crypto investors in the country. In February 2022, India introduced a harsh 30% tax on profits derived from trading crypto assets. Clarifying further on Monday, March 21, the government has added further complexity to it.
The government has said that loss in one crypto asset cannot be offset against the profit in others. Meaning if someone books a $100 profit by trading Bitcoin (BTC) and a $100 loss by trading Ether (ETH), the investor will still end up paying 30% tax on the $100 BTC profit.
This seems quite unreasonable and an attempt to strongly discourage Indian crypto investors from participating in the market. Currently, India is one of the largest countries in terms of the number of crypto investors participating in the market.
Currently, the Indian government allows setting off losses in the stock market. Meaning the profits made in one stock trading can be set off against the losses made in other. Isolating crypto from this facility clearly highlights the partial and biased nature of the government.
Some of India’s crypto industry veterans have come in support of investors. Nischal Shetty, the CEO of crypto exchange WazirX tweeted:
“Discouraging Crypto = Discouraging Innovation This is one of the top reason why countries around the world are taking cautious steps in Crypto taxation Hope Indian Government hears the youth and ensures that Indian Crypto industry remains competitive”.
India’s Unfair Crypto Tax for Miners
The Indian government isn’t just willing to discourage crypto trading but other participants in the crypto ecosystem as well. Crypto miners cannot take tax rebates for costs involved with setting up the entire mining infrastructure.
Furthermore, they will attract a 30% on the Bitcoin mined and encashed to their accounts in fiat. Now, there have been talks that India is planning to bring crypto to the Goods and Services Tax (GST). However, it will make little difference if India put crypto into the topmost 28% tax slab in GST. The Indian crypto community has been severely opposing this stand from the government.
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