Over 60k Indians petition on the government to lower the cryptocurrency tax in order to avoid its “devastating impact.”

Numerous people in India have joined an online petition calling for acceptable crypto tax regulations from the government. Nirmala Sitharaman, India’s finance minister, recommended taxing crypto income at 30 percent this week..

India Signed Petition Urging Government to Rethink Crypto Tax Proposal

The government of India has been petitioned to “implement sensible crypto tax rules” according to a Change.org petition.

In her Budget 2022-23 speech earlier this week, Finance Minister Nirmala Sitharaman stated that crypto income will be taxed at 30% and no deductions would be allowed except for the cost of acquisition.

India’s Prime Minister, Narendra Modi, and Finance Minister, Nirmala Sitharaman, have been asked to make adjustments to the tax plan by the YouTube channel “Crypto India,” which is owned by Aditya Singh. More than 58,000 people have signed the petition as of this writing.

There are roughly 15-20 million Indian crypto investors, as well as several hundred thousand young Indians involved in the industry, according to the petition. Indian investors also own $6 billion worth of cryptocurrency.

Additional benefits include “the creation of jobs and the influx of FDI investments as well as GST payments and income tax revenues” according to the petition.

It invites the prime minister and finance minister to consider five requests in a petition.

Cryptocurrency should not be viewed like gambling or betting, the first demand. Secondly, the existing proposed tax rate of 30% should be brought in line with the tax rate that is applied to stock market transactions.

TDS should be decreased from 1 percent to 0.05 percent, and “Loss set-off and carry-forward should be allowed since crypto markets are in their nascent phases and are very volatile,” according to the proposed rule change. Additionally, “to include exchange costs, blockchain network fees, interest payments, royalty payments on NFTs, etc.” should be added to the definition of the acquisition cost.

Please take these requests from industry into consideration, it says at the end. To put it simply, the plans as they are would be damaging to the entire cryptocurrency business, not just individual traders.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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