Yesterday was the big day that every Indian was looking forward to and this happens every year, where every Indian gets anxious on this particular day, the so called Budget day 1st February.
Finally after years of contemplation, this year in the budget there was mention about Digital assets. I do not know whether it is a good thing or not but the one relief that millions of Indians who have invested in Crypto have got is that they can now invest in Cryptos. Though still there is no clear mention about it.
In the budget a 30% tax liability is announced for income from Digital Assets, and digital assets means cryptos. This has been a huge sigh of relief for many who were unsure about the Cryptos legitimacy in India. 30% is a huge tax amount, more than 1/4 of your amount goes away in tax and if you invest that money there will be again an interest on whatever income is generated from that investment. Definitely a boom for the Indian Government and more money to play around in politics and more scams.
A new tool for the government to get money out of people. As this opens up more and more people will invest and considering India's population and the amount of wealth people have here, India may soon become number one in the number of Crypto owners. And soon there is a plan also to introduce India's own digital currency, which means total control of people's wealth.
Though they have announced the 30% tax liability but still I am sure it is not going to be so easy, once they introduce their own digital currency, they will want that people invest more in the national asset then another assets, to have complete hold over it, and hence they are going to sooner or later come up with more measures to discourage investments outside of their gamut.
As of now people are happy that they can now openly do Crypto investments. Pheww 30% I am going crazy thinking about giving away 30% of my profits. That's like disturbing the whole calculation...hahaha. Eventually we will end up paying multiple taxes on the same amount.
With the pros and cons one another benefit is that we can attract more Indians to the platform because now they will be much more relaxed and interested in generating income from cryptos in different ways.
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30% is a gov-scam rate.
what is the rate in India for capital gains?
Capital gain tax is different for different things, like capital gains from shares on long term investment is 15% and from property is 20%, and then there will be 3% cess and some gst tax and what not. You just keep filling up their pockets.
Oh thank you Lord to let us use cryptos lol
Yes we will be good slaves we will pay 30% and be happy
Only the slaves can end slavery , the dictators will only create rules and laws for its own vices .
The real laws are not written on papers neither have a date .
We follow rules that should be broken but slavery takes less energy , therefore we thank our jailor .
30% taxes in India is utterly disgusting
Taxes are utterly disgusting , but how to keep poors , poor ..illusionary limits