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According to SI.35 at the Department of Revenue of the Indian Ministry of Finance (Central Board of Direct Taxes), the country’s parliament today passed a new law that imposes a 30% tax on services that include: transfer or income from digital assets. Cryptocurrencies fell into the same category as stock trading.
Thus, citizens of the country will have to pay 30% as a capital gains tax deduction, which is calculated based on the difference between the sale price and the original purchase price in cryptocurrency transactions. The legal regulation of bitcoin is still in limbo due to the lack of clear legislation in the country.
Investors in the region vigorously discussed the new tax plan of the Union budget of India, which thus legalizes cryptocurrency trading. However, according to Finance Minister Nirmala Sitharaman, taxing digital currencies does not make them legal and this issue has not yet been resolved.
Experts assured that the introduction of the tax would help prevent speculative transactions. Nishal Shetty, founder of the WazirX cryptocurrency trading platform, stressed that the new tax policy will bring an additional $100 million to the state treasury.
Nirmala Sitharaman is the author and promoter of a new law to collect taxes on cryptocurrency transactions in India. More than 20% of the members of the House of Representatives of the country opposed this bill.
They criticized the lack of clarity in the definition of virtual currencies in the document, with many MPs arguing that imposing fees of this magnitude would put an end to the entire blockchain industry in the country.
Earlier, the editors of Crypto.ru reported: India planned the launch of CBDC for 2022-2023.
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