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India saw about $100B in trading volume last year
This trading would be from millions of people combined
1% TDS = $1Billion
But majority of this TDS would need to be refunded as Turnover is NOT profit
Calculation below:
@NischalShetty Amazing thread @NischalShetty
Gov should really look onto all there crypto tax policies else i am sure they will loose more as this will force traders to take different route to be in crypto which will again result in NO EARNING TO GOV
So its better to revise Tax
#UnfairCryptoTax
Crypto Tax is okay we are ready to pay but make it fair for everyone !
- Create Tax Slabs .
- Remove 1% TDS .
- LOSS TO BE CARRY FORWARD.
Crypto will bring huge self employment in India - So make it fair else India Might loose in long run.
#reducecryptotax#UnfairCryptoTax
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(1/2)
30% income tax on Crypto is totally unfair to Crypto industry. And Crypto isn't a GAMBLING!.
Government is only seeing the profits but in reality 80%+ people faces loss in Crypto World.. we don't earn profit on all of our trades!
@nsitharaman@PMOIndia#reducecryptotax
@nsitharaman Pls Reconsider Crypto TAX :
⭐CRYPTO IS NOT A LOTTERY
👉 30% tax should be in slab's.
👉 Loss should be carry forward
👉 TDS should be 0
👉 Crypto should not be consider in gambling category
Please consider
@nsitharaman@PMOIndia#ReduceCryptoTax
#reducecryptotax#Bitcoin#Budget2022
We will not give you jobs and opportunities
But if you make any profit from your own you have to pay tax.
Let's see if government take any step to reduce it or not.
Achieving higher tax collection is no achievement by BJP government as they are charging higer taxes. In there dictator regime, poor has become poorest and rich has become richest and the gap is widening. Time has come to change the govt.
#BJPFails#reducecryptotax