India’s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force

India’s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force

The volume of crypto trading in India has plummeted since the tax reform law.

Advertisement - Scroll To Continue

The new regulations impose an annual tax of 30% on cryptocurrency income and prohibit loss to offset gains.

New tax regulations for crypto came into effect on April 1, after the country’s parliament approved Finance Bill 2022.

A tax rate of 30% is now applied to the crypto earnings, but no deductions or offsets for loss are permitted.

On April 1, crypto exchanges in India began seeing sharp declines in trading volumes.

Aditya Singh, the owner of the YouTube channel “Crypto India,” shared images on Twitter that show a dramatic drop in trading volumes at four of the significant currency exchanges within India: Coindcx, Bitbns, Zebpay, and Wazirx.

“This is just the start of the decline of such a great ecosystem that we had in India,” Shivam Chhuneja, a Twitter user, said.

“Our government needs to look at taxation rules that will help the industry and their tax revenues while at the same time. Many earn their livelihoods through crypto trading.”

The finance ministry of India explained in Lok Sabha, the lower house of the parliament, last week the fact that “no deduction in respect of any expenditure (other than the cost of acquisition) or allowance is allowed.

Advertisement - Scroll To Continue
India's Crypto Trading Volume Plummets as New Tax Rules Enter Into Force

India’s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force

” In addition, a loss incurred due to cryptocurrency transactions cannot be compensated against the gains.

Ashish Singhal, Co-founder and CEO of cryptocurrency trading platform Coinswitch, said:

A flat 30% tax that does not differentiate short-term capital gains from long-term gains, with no provision for deducting expenses incurred or offsetting losses is not in tune with the tax framework for other asset classes and is discriminatory.

Crypto-friendly citizens in India have filed a petition on Change.org to ask the government to establish sensible crypto tax policies. This petition has gathered more than 103K people to sign it as of the writing time.

July 1 marks the day that a new hostile tax policy will go into force. A tax deduction of 1% at the source (TDS) could be levied on transactions in crypto. An Indian legislator recently stated why this would be harmful to the cryptocurrency business.


Top 5 Best Crypto Wallets for securing and managing your crypto assets

Unregulated crypto ads infiltrate Australian arenas for sports

Advertisement - Scroll To Continue

Samsung Galaxy A73 Official Prices Announced


Follow us or bookmark us for more Celeb Bio box office collection report celebrities trailers and promos

Join us on Facebook 

Join us on Twitter

bollywoodfever
bollywoodfever

Sachin Chouhan is an avid entertainment enthusiast and dedicated follower of celebrity and entertainment news. He has always had a passion for the latest happenings in the world of entertainment and has made it his mission to stay up-to-date on all the latest trends, news, and gossip.

With years of experience following the entertainment industry, Sachin has developed a keen eye for the latest celebrity fashion trends, music releases, movie reviews, and red-carpet events. His in-depth knowledge and expertise have made him a trusted source for entertainment news and celebrity updates.
Contact us: [email protected]
Address: 562 East St. New York, NY 10033

Articles: 4328

2 Comments

  1. I started with 3000USDT then 60000USDT with Tex556 Agg global club and CID INVESTMENT ADVISOR (HK) Ltd. I wanted to withdraw my profit they demanding 90000usdt commission to release 13005660 USDT That already showing that withdrawal completed but not received in my account. That is my life saving money so i had to seek answers from Rykabalan(t.me.Rykabalan) or WhatsApp :+91 96294 35160 to help me get my money back . They also guide me to invest with a good company with good profit.

  2. Hello my name is Pradeep Kumar, I am the Auditing Director in the Central Bank Of India which is the highest bank in India; I direct the auditing of account and financial data of various departments and local banks within Central Bank Of India and India at large. Can I get your attention for a confidential business
    If interested reply me on :[email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *