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RBI Governor Says Crypto Discussion Paper Will Clarify India’s Stance on Virtual Assets; Industry Reacts
RBI Governor Sanjay Malhotra stated that the upcoming crypto discussion paper, being prepared under the Finance Ministry’s oversight, will provide clarity on the future of crypto assets in India. However, he did not specify a timeline for its release.
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Japan’s Financial Regulator May Cut Crypto Tax, Encourage Investors to Engage with VDAs
In Japan, crypto-generated earnings are currently taxed between 15 and 55 percent. However, authorities are considering reducing this tax rate to a flat 30 percent for corporate investors and 20 percent for individual investors in FY 2025.
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US Scraps Excise Tax Proposal on Bitcoin Mining After Biden Refuses to Slash Crypto Taxes
Earlier this month, the US’ Council of Economic Advisors (CEA) floated a proposal to have Bitcoin miners pay a tax equal to 30 percent of the total energy cost that they consumed in the crypto mining process. The proposal has been scrapped by the US. The decision to pull the plug on this proposal could be part of a bunch of tax-related rebates in...
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US Government May Impose Disciplinary 30 Percent Taxes on Crypto Miners: Details
The US is mulling on imposing a punitive tax on companies and individuals indulging in crypto mining in the country. Soon, the US could ask crypto miners to pay a tax equal to 30 percent of the total energy cost that they consume in mining cryptocurrencies.
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Taxes on Crypto Mining Power Use to Spike Next Year in US, Plan Outlined
The US government has proposed to raise the taxes on the electricity requirement for miners. The tax imposed on the electricity usage by crypto mining firms could now go as high as 30 percent of total cost of the electricity that was used to facilitate the mining process in the US.
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Received Rs 60.46 Crore From Tax On Virtual Digital Assets: Centre
The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin.
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Bengaluru's Crypto-Friendly Tea Seller Admits to Seeing No Profits on Earnings
Shubham Saini, a final year dropout of a BCA course, has stirred a whirlwind of excitement among the Indian crypto community. The young lad has begun accepting crypto payments for his hot tea and maggie servings to the residents of Bengaluru. On an average, Saini has been seeing atleast three to four crypto payments. While the market is bearish at ...
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India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
-
India GST Council Plans to Levy 28 Percent GST on Crypto Transactions: Report
Indian tax authorities are exploring the implementation of a 28 percent goods and services tax (GST) on all cryptocurrency transactions, adding to a 30 percent tax on profits from crypto-asset trading that kicked in on April 1.
-
Cryptocurrency Trading Volumes In Indian Exchanges Drop After New Tax Rules
The new tax rules on cryptocurrency profits came into effect on April 1.
-
Crypto Trading Volume Nosedives in India Days After Tax Rule Implemented: Crebaco
India’s tax laws on virtual digital assets is hampering crypto trading in the nation, a report by research firm Crebaco has claimed. It says that exchanges like WazirX, CoinDCX, and ZebPay have seen trading activities slip subtantially downwards in the last ten days. India’s tax laws on digital assets came into effect on April 1.
-
1% Tax Deductible At Source May Lead To Liquidity Crunch, Say Crypto Experts
When India's government unveiled a plan to tax crypto assets in February, it was the 30% rate on income from digital-asset investments that grabbed headlines. But its a different levy that has the industry warning of a potentially destabilizing liquidity crunch.
-
India’s Crypto Tax Comes Into Effect Today, Violators Stare at Jail Time Up to 7 Years
Crypto community in India has finally stepped into a tax regime today (April 1). A 30 percent tax will now be deducted from crypto profits, as per Finance Minister Nirmala Sitharaman’s instructions. Rule breakers could be subject to serious legal troubles. Members of India’s law fraternity believe these rules were much needed and are coming at ...
-
Income Tax Department Prepares To Tax 30% Profits Made On Crypto Transactions
The Income Tax Department will keep a close eye on every transaction on crypto exchanges as the 30 per cent 'crypto tax' proposed in the Union Budget comes into effect from 1st April 2022.
-
RBI Governor Says Crypto Discussion Paper Will Clarify India’s Stance on Virtual Assets; Industry Reacts
RBI Governor Sanjay Malhotra stated that the upcoming crypto discussion paper, being prepared under the Finance Ministry’s oversight, will provide clarity on the future of crypto assets in India. However, he did not specify a timeline for its release.
-
Japan’s Financial Regulator May Cut Crypto Tax, Encourage Investors to Engage with VDAs
In Japan, crypto-generated earnings are currently taxed between 15 and 55 percent. However, authorities are considering reducing this tax rate to a flat 30 percent for corporate investors and 20 percent for individual investors in FY 2025.
-
US Scraps Excise Tax Proposal on Bitcoin Mining After Biden Refuses to Slash Crypto Taxes
Earlier this month, the US’ Council of Economic Advisors (CEA) floated a proposal to have Bitcoin miners pay a tax equal to 30 percent of the total energy cost that they consumed in the crypto mining process. The proposal has been scrapped by the US. The decision to pull the plug on this proposal could be part of a bunch of tax-related rebates in...
-
US Government May Impose Disciplinary 30 Percent Taxes on Crypto Miners: Details
The US is mulling on imposing a punitive tax on companies and individuals indulging in crypto mining in the country. Soon, the US could ask crypto miners to pay a tax equal to 30 percent of the total energy cost that they consume in mining cryptocurrencies.
-
Taxes on Crypto Mining Power Use to Spike Next Year in US, Plan Outlined
The US government has proposed to raise the taxes on the electricity requirement for miners. The tax imposed on the electricity usage by crypto mining firms could now go as high as 30 percent of total cost of the electricity that was used to facilitate the mining process in the US.
-
Received Rs 60.46 Crore From Tax On Virtual Digital Assets: Centre
The government, from April 1, has brought in a 30 per cent income tax plus surcharge and cess on transfer of crypto assets, like Bitcoin, Ethereum, Tether and Dogecoin.
-
Bengaluru's Crypto-Friendly Tea Seller Admits to Seeing No Profits on Earnings
Shubham Saini, a final year dropout of a BCA course, has stirred a whirlwind of excitement among the Indian crypto community. The young lad has begun accepting crypto payments for his hot tea and maggie servings to the residents of Bengaluru. On an average, Saini has been seeing atleast three to four crypto payments. While the market is bearish at ...
-
India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
-
What You Need to Know About Crypto, NFT Laws in India
The Income Tax Department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30 percent I-T plus cess and surcharges,...
-
India GST Council Plans to Levy 28 Percent GST on Crypto Transactions: Report
Indian tax authorities are exploring the implementation of a 28 percent goods and services tax (GST) on all cryptocurrency transactions, adding to a 30 percent tax on profits from crypto-asset trading that kicked in on April 1.
-
Cryptocurrency Trading Volumes In Indian Exchanges Drop After New Tax Rules
The new tax rules on cryptocurrency profits came into effect on April 1.
-
Crypto Trading Volume Nosedives in India Days After Tax Rule Implemented: Crebaco
India’s tax laws on virtual digital assets is hampering crypto trading in the nation, a report by research firm Crebaco has claimed. It says that exchanges like WazirX, CoinDCX, and ZebPay have seen trading activities slip subtantially downwards in the last ten days. India’s tax laws on digital assets came into effect on April 1.
-
1% Tax Deductible At Source May Lead To Liquidity Crunch, Say Crypto Experts
When India's government unveiled a plan to tax crypto assets in February, it was the 30% rate on income from digital-asset investments that grabbed headlines. But its a different levy that has the industry warning of a potentially destabilizing liquidity crunch.
-
India’s Crypto Tax Comes Into Effect Today, Violators Stare at Jail Time Up to 7 Years
Crypto community in India has finally stepped into a tax regime today (April 1). A 30 percent tax will now be deducted from crypto profits, as per Finance Minister Nirmala Sitharaman’s instructions. Rule breakers could be subject to serious legal troubles. Members of India’s law fraternity believe these rules were much needed and are coming at ...
-
Income Tax Department Prepares To Tax 30% Profits Made On Crypto Transactions
The Income Tax Department will keep a close eye on every transaction on crypto exchanges as the 30 per cent 'crypto tax' proposed in the Union Budget comes into effect from 1st April 2022.