India Confirms Discriminatory Tax Rate for Crypto Investors

cryptonews.com:

Starting April 1 this year, and despite the crypto sector’s efforts, cryptoasset gains in India will be taxed at 30% - the highest tax bracket, the nation’s Parliament confirmed today. In comparison to this tax, the tax rate on stock trading ranges from 0% to 15%.

From now on taxed the same as lottery winnings, all “virtual digital assets” – from bitcoin (BTC), over airdrops and crypto gifts, to NFTs – fall under this latest tax decision.

Per an earlier report by the Business Insider India, the country’s crypto investors and traders will have to keep an eye on several provisions that will affect their 2022-2023 financial year:

This last will “nibble away” at one’s capital, noted the report, citing industry players, such as Nithin Kamath of the Zerodha trading platform.

The crypto industry had actively fought against this latest bill ever since the taxes were proposed in February, but as the attempts of easing the provisions have failed, the case may yet go to the Supreme Court.

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