It’s official. The Indian Finance Bill 2022 with new 30% crypto tax rules becomes a law today and will come into effect starting on April 1. (Reporting via _prashantjha)
If 30% tax was not regressive enough, the government also imposed a 1% tax deduction at source on each trade, claiming it would help them track the movement of funds. However, exchange operators have warned that the 1% TDS would dry up liquidity.The infamous bill has been scrutinized by various experts, traders and exchange operators alike. However, the government has decided to carry forward with its regressive approach without taking input from the stakeholders of the crypto ecosystem.
Another reason for the crypto community’s outrage is the fact that the new crypto tax has been heavily inspired by countries’ gambling and horse betting tax rules. This signifies that the Indian government likens the crypto market to gambling. “It is not illegal to buy/sell crypto assets in India but we have put taxation treating it like winnings from horse races..” -T.V Somanathan .
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