#ReduceCryptoTax trends on Twitter
Indian Government has proposed that the transfer of digital/cryptocurrency assets will be taxed at 30% with an extra TDS charge. Many Crypto investors, entrepreneurs, and traders cheered as India’s Financial Budget 2022 finally solved the uncertainty and concerns on the legal status of digital currency trading in India.
But, Crypto investors and traders are concerned about the higher crypto tax. A 30% tax on the transfer of digital assets-it’s apparently not as simple as it sounds, since a petition against the move started just hours ago had over 45799 signatures by the time this news article was written. The petition’s creator Aditya Singh asked the Government of India to “Introduce Reasonable Crypto Tax Policies”
The Petitioner objected to the way the Indian administration was reportedly treating crypto on pair with gambling. In fact, the petition had five demands for change. This included not treating crypto trading as a form of gambling, changing the 30% tax rate to comply with the stock market transaction tax rates instead, reducing the Tax Deducted at Source (TDS) from 1% to 0.05%, expanding the scope for defining ”çost of acquisition”, and allowing losses to be set-off or carried forward.
Hon’ble finance Minister, we urge you to kindly consider these request from the industry. Since, the proposals in their current form, have a devastating impact not only on Crypto traders but Crypto industry as whole
In response to the petition, a supporter asked “why India is always late in accepting new tech ?”
Supporters have taken the hashtag #ReduceCryptpTax to Twitter, where it quickly went viral.