India Considers Imposing an 18% Tax on Crypto Trading

e_abrams

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Dec 11, 2020
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India had plans in development to ban cryptos for quite a while now but instead they decided it was better to profit through taxes off them. A new proposal was presented to the Indian Central Economic Intelligence Bureau (CEIB) which suggested imposing a 18% tax on all Bitcoin trading in the country.

According to a recent statistics report, there is an estimated 40,000 crore INR ($5.5 billion, where 1 crore equals 10 million units) worth of Bitcoin transactions in the country. That means that such a 18% tax (known as the good and services tax – GST) would bring in 7,200 crore INR ($1 billion) of revenue tax fo the Indian state.
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That is a pretty impressive sum, especially in these times when every country is looking for ways to fund lockdowns because of the pandemic.
 
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