Neha Nagar Instagram – Government’s mistake leading to illegal activities in India ?
In the 2022 budget, the government imposed a flat 30% tax 4 cess charge on profits from cryptocurrency. Later, it also imposed a 1% fixed TDS on every transaction to track all transactions. This means that you have to pay 1% fixed TDS whether you make a profit or a loss.
As a result, 60% of the volume on Indian crypto exchanges disappeared.
Today, these Indian investors are buying/selling crypto on unsafe foreign exchanges to save taxes, where illegal activities such as terror funding and money laundering take place.
Even if you are not a terrorist, you can be jailed for up to 7 years under the Money Laundering Act if you are caught.
Also, suppressing a new technology is also not the right way ,When India is the second-largest crypto market in the world .
If the government had imposed a limited tax on crypto, it would have benefited both the government and the Indians.
Do you think the government will reduce crypto tax in the budget 2024? Let me know in the comments and follow @iamnehanagar to master your money ! | Posted on 25/Jan/2024 17:46:35
