Hello everyone ,
How are you all ? I hope everyone is fine and doing great in their life.
The budget for year 2022-2023 was introduced yesterday for India. I am not here to talk about the entire budget of India and plans that was introduced yesterday as it was total crap with nothing good. I am here to talk about statements that were made about the crypto currencies.
So the finance minister yesterday stated that there will be a tax of 30% on any type of crypto earnings made by the citizens of India. Yes 30% thats what she said , like seriously you going to take 30% from the people who are making profits in crypto currency.
The current government in power has failed miserably in providing the job opportunities to the citizens already and now on top of that they are doing things that will harm people who are making a living out of crypto in many ways. Be it trading , Defi , Pools , NFT’s , or blockchain platforms this will effect everyone.
They are yet to introduce the official documentation for which i am actually eagerly waiting for as there are so many doubts and clarifications that is need to be make about the statements they have given in yesterday budgets introduction. I was really mad after reading that , they said that if a person is gifting crypto to someone then the recipient has to give 30% tax as well.
Will there be a minimum amount after which the tax has to be paid ? Will the money get deducted automatically on the crypto exchanges itself or the person has to pay the tax manually ? They should have clarified this atleast.
Also there was a 1% TDS straight forward on any transaction made in crypto even for purchasing and selling them. Think of it , they want 30% of our earnings , i already have no respect for these people and after yesterdays budget there is nothing left for them.
Anyways , lets see when all this will be implemented and how it will be implemented. There is a lot to come out and i know everyone in the world of crypto might be waiting for it just like i am waiting for it.
Thats all for this blog , I will be back with more info on the same soon.
Thank You
The 1% is still low and just do P2P to send any cryptos to someone .
Then there are countries zero tax on cryptos or trades
In France we have also 30% at cashout but zero from trades , because that would be ridiculous ..again , we are trapped in a banking system and we get screwed by the same people who created the economy since day one . Nakamoto never existed and we are now welcome to pay ! And yes , they will take all the taxes directly from trades if those trades are from banks , they already have more infos on us than our own parents !
I agree with you they already have more info about us , i would be relying on the p2p , who would like to give 30% tax it's ridiculous. They want to take people's 30% earning , they are mad.
MAD is the word !
And some countries go up to 55% ! Plus paying for trading ! 😱
AH ! Just used @tekraze new emojis list 😉
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I realised too than even the so called cold wallets are totally linked to some
CIA businesses ..Ledger bullshit or Razor or the one i just bought LOL .
If you can do staking with it then you are tracked and trapped like a rat in the cage...but are we more than that ?! GAME OVER
Keep it in a decentralised exchange i don't trust cold wallets apart from few though i still prefer to keep my assets in dex.
Indeed ...cold wallet is a business where they can get all your infos and keys .
I have spent 1000€ in useless cold wallets since 2016 , i ll just hang them on my wall as NFTs 2022 ART 😆
Don't come this news to Sri Lanka🙏
I hope it will not come there.
Yeah bro! I also read this bad news yesterday.
It's very annoying and disgusting for me. This useless government has no idea to produce jobs but they want to appropriate our earnings by applying high taxes.
Waiting is the worse thing to do , if you wait , it's already to late .
Abandon all fiat money , refuse government control .
This has bin long coming ,.. the crypto wizards should have taken action ,.. long ago . Create local blockchain crypto coins free from any form of id , create truly decentralized trade markets where user's can stay hidden behind there keys .
Have stores and services accept crypto coin as payment .
But no , the crypto wizards where fiat money hungry from the start and walked straight in to this trap .
It ain't no use ,... destruction is the only solution . 🤬