Warning Cookies are used on this site to provide the best user experience. If you continue, we assume that you agree to receive cookies from this site. OK

The Indian government has collected more than $12 million in taxes from cryptocurrencies.

today 10/11/2023

India's Central Directorate of Direct Taxes (CDDT) has collected over INR 100 crore ($12 million) from one percent source deduction tax (IDT) on cryptocurrency transactions this fiscal year. The Indian government has introduced a one percent direct tax rate on all cryptocurrency transactions from July 1, 2022. In an interview with ANI, the chairman of the tax authority said that they have collected over INR 700 crore ($84 million) in at-source tax in the current financial year from online gaming companies and cryptocurrency transactions. More than $12 million has been collected from cryptocurrency taxes. However, this NIV amount does not include tax on income received by the government from the transfer of cryptocurrency, which is 30 percent.

Tax introduced after "phenomenal increase" in cryptocurrency transactions
While the rules for regulating cryptocurrency in India are still unclear, the central government has imposed heavy taxes to curb the uncontrolled adoption of cryptocurrency in the world's most populous country. In her Budget speech for 2022-23, Indian Finance Minister Nirmala Sitharaman announced the introduction of one percent NIV on cryptocurrency transactions. She cited the “phenomenal increase” in cryptocurrency transactions as a reason for establishing a special tax regime. At the same time, she proposed taxing income from the transfer of any virtual digital asset at 30 percent. India's central government significantly changed its stance on cryptocurrency regulation last year. The government has moved from calling for a complete ban on cryptocurrency to supporting a global framework to regulate this new industry.

India Witnesses Massive Cryptocurrency Adoption Despite High Taxes
India ranked first in the Chinalysis Global Crypto Adoption Index. The Global Cryptocurrency Adoption Index ranked more than 150 countries across multiple metrics to measure organic cryptocurrency adoption, with the Asian country ranking first. Earlier in an interview with CryptoNews, the chief public policy officer at Indian crypto exchange CoinDCX, Kiran Mysore Vivekananda, said that the government's goal of introducing NIV has failed, given the massive increase in cryptocurrency adoption in the country. He argued that the purpose of introducing the NIV was to dissuade people from investing in cryptocurrency, which did not work.

Stay Connected
Подпишитесь на нашу рассылку и получайте информацию о выходе новых статей, информацию об эксклюзивных скидках и другое
Или же подпишитесь на наш Telegram, чтоб всегда быть в курсе наших новостей.

Recent posts

12/02/2023

Bitcoin ETF Decision Dates Approach: What to Expect in January

The Securities and Exchange Commission (SEC) has started a public comment period for Bitcoin ETF applications earlier than expected, leading to optimism about the launch of these products. The SEC published filings to receive public feedback on the proposed Franklin Bitcoin ETF and Hashdex Bitcoin Futures ETF funds. This move suggests a potential acceleration of the SEC's timeline for approving a "spotcoin" ETF. Normally, the SEC has 240 days to approve or deny an ETF filing, but by opening the public comment period earlier, the SEC may be indicating its intention to expedite the approval process. Analysts believe that the SEC may approve the funds around January 10, 2024. Franklin Templeton, a firm with $1.5 trillion in assets under management, filed for a spot Bitcoin ETF and recently amended its prospectus to address the SEC's concerns. The SEC has historically denied or delayed spotcoin ETFs due to concerns over market manipulation and investor protection, but after a lawsuit loss to Grayscale Investments, they have been collaborating more closely with firms to explore the possibility of approving such funds. It is believed that the SEC will approve multiple applications simultaneously to prevent any single firm from gaining a first-mover advantage. Cantor Fitzgerald, a financial services firm, also believes that the approval of a spot BTC ETF is getting closer. Currently, the SEC is evaluating 13 applications for spot BTC ETFs. The optimism around the launch of a spot Bitcoin ETF has contributed to the recent rally in crypto markets.
12/02/2023

Bitcoin Price Prediction as Total Crypto Market Cap Reaches $1.5 Trillion – Is $40,000 the Next Target for BTC?

Bitcoin Price Prediction: As the total crypto market cap reaches $1.5 trillion, investors are wondering if Bitcoin will reach $40,000 next. Bitcoin is currently trading at $38,765 and has seen a 2% increase on Saturday. The cryptocurrency market is optimistic in December, with Bitcoin nearing a 19-month high. Additionally, President Petro of Colombia has received Bitcoin as the country explores cryptocurrency adoption. The rise in Bitcoin's price has also led to a surge in cryptocurrency miners' stocks. Despite potential regulatory challenges, the overall market sentiment remains positive, and there is anticipation for the approval of a spot ETF for Bitcoin. Mike Novogratz, CEO of Galaxy Digital, predicts a bullish future for Bitcoin, especially if spot ETFs are approved. The current price action for Bitcoin shows moderate movement upwards with resistance and support levels to watch.
12/02/2023

Elon Musk’s Verbal Outburst Sparks Surge in ‘GFY’ Meme Coins

Elon Musk's angry outburst towards advertisers on X (formerly Twitter) has caused a surge in meme coins associated with him. These meme coins, inspired by various personalities and events, have become popular in recent times. In this case, coins linked to Musk have emerged following his controversial comments during an interview where he told Disney CEO Bob Iger and others to "go fuck yourself." These comments led to companies like Disney, Apple, IBM, and Ubisoft pulling their advertising from Twitter due to concerns about inappropriate content and Musk's amplification of an antisemitic post. Despite the reasons given by these companies, Musk openly criticized them. The viral nature of Musk's outburst has inspired the creation of meme coins, including "GFY" tokens on Ethereum, Solana, and BNB Chain networks. Although these tokens have limited liquidity, the GFY Ethereum token pool on Uniswap has over $600,000 in liquidity and experienced a 77% increase in value in one day. Similarly, meme coins based on Tesla's Cybertruck have also emerged, with the largest deployed on the BNB Chain. These meme coins are known for their volatility, driven by hype and association with public figures and recent events. However, they are also susceptible to sudden crashes and scams. Investing in meme coins carries significant risks and attracts primarily speculative traders. Musk's involvement in meme coins can be traced back to his endorsement of Dogecoin, which has sparked excitement and speculation among traders and led to the creation of other meme coins inspired by him.
12/02/2023

Will Bitcoin Futures ETFs Crumble After Spot ETF Approval? Interview With ProShares

The ProShares Bitcoin Strategy ETF (BITO) has reached a new record in assets under management (AUM) as Bitcoin surged past $38,000 in November. The fund's Bitcoin futures contracts have reached a value of $1.47 billion, up from $1.1 billion at the beginning of the month. Despite the growing excitement for a U.S. Bitcoin spot ETF, which could potentially compete with BITO, the fund's Global Investment Strategist, Simeon Hyman, believes that BITO will coexist nicely alongside spot-based funds. Hyman points out the advantages of the regulated futures market and the potential for faster price translation compared to the spot market. He also believes that a Bitcoin spot ETF will not have as powerful of an impact on the market as investors realizing the benefits of including crypto in their investment portfolios.
expand_lessexpand_more