Lark Davis Shared: India just released a comprehensive tax plan for crypto! The big headline is a 30% tax on crypto and nfts, ouch BUT!!!! It also means India is not banning crypto!!!! They just want to tax and regulate. This is VERY good news!

COMMUNITY RESPONSE:  Definitely, this is a step in the right direction where cryptocurrency & other digital assets can be considered investment

Australia has similar tax! In fact, it could go up to 50-55% depending on how much you end up earning in a Financial Year. At least India has a cap on it.

Check unemployment rate of India vs other developed countries before even calling it as great.

Australia it’s treated as capital gains tax at 50% if you sell in the first year and 25% discount thereafter.   I don’t see the issue.

How good would a 30% flat rate be in Australia. Would allow to consider taking profits when at a peak.

A 30% TAX + 12% exchange +1% TDS 43% profits gone. And all this is possible after biggest problem. The PUMP.

I don’t understand why you say ‘ouch’ to that? If you are making money through working, you pay tax. If you are making money through investing, why should you not pay tax of that income also? It makes perfect sense.

I mean 30% is much, but if we don’t hold our one trade in Germany for at least one year, we pay 42% tax.

Pretty much same in Australia. After 1 year get a 50% discount. I will be happy with a 30% flat rate.

How is that good news? Arent you just Centralizing what’s supposed to be decentralized?

The 30% tax in India is same as 80% tax in any developed nation. Why do I see all the so-called influencers happy about the decision, but common people not?

Cause influencers are rich and common people are not? Seriously it doesn’t take that much effort to think.

Roughly same tax we pay in Australia for capital gains tax if you are middle class.

Well, the 30 is just initial, bill has to be passed amendments could be made.

I’m pretty sure no amendments would be made. The government wants to discourage people from trading in cryptos.

If they want to discourage why introduce digital Rupee like USDT this year using blockchain? As the adoption grows tax might come down for digital assets.

Well, I don’t think you have read the actual documents. People are just inferring on their own. Actually government has NOT legalized crypto. The 30% tax on profits and 1% TDS is on legal virtual currency proposed by Reserve Bank of India to be released in 2022 second half.

Great news. I’d rather pay 30% on an asset class that will beat inflation than not have the choice.

Tax/ Regulate / Control – what’s the difference – you’re a slave to the system – beats the purpose of decentralization – I thought we were trying to move forward not backward. Let’s be the change we want to see in the world and not keep succumbing to the hierarchy that exists.

Common, the whole point of crypto was eliminating taxes and the corruption of governments stealing hard earned or well invested money. This is a ridiculous amount of tax for something that can sink faster than the Titanic with one bad tweet from Elon.

It hurts.  Currently, in Australia is under a capital gains tax. Your profits add on to the top of your yearly income. Adds up quickly.

They are also planning to introduce own Digital currency. Riding two boats, people will be in trouble and hesitant to invest in Crypto.