🇮🇳 INDIA'S CRYPTO TAX — A ₹51,252 CRORE MISTAKE?


GOVERNMENT DATA:
↳ Tax collected: ₹437 crore
↳ Capital moved offshore: ₹51,252 crore
↳ For every ₹1 collected, ₹117 left India
CURRENT RULES:
↳ 30% tax on crypto gains
↳ 1% TDS on every trade
↳ Losses cannot be adjusted against gains
↳ Up to 70% penalty on undisclosed gains
THE RESULT:
↳ 90% of Indian crypto trading has shifted offshore
↳ Parliament has already discussed the issue with major exchanges
INDUSTRY WANTS:
↳ TDS reduced from 1% to 0.01%
↳ Loss set-off allowed
↳ Tax based on income slabs
India leads the world in crypto adoption, but also in crypto capital flight.
Should India reform its crypto tax policy?
#CryptoTax #India #Bitcoin #CryptoMarket
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