As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of https://t.co/FQ3MIG381f.
Invest Rs. 100 into Coin1
Earn Rs. 100 profit
Now you have Rs. 200
Invest this Rs. 200 in Coin2
Coin2 goes to Rs. 0 (not all ideas work)
Now you have Rs. 0
Tax Time:
According to upcoming tax law in India
You pay Rs. 30 as tax
You are now at - Rs. 30
#UnfairCryptoTax
Singapore
Removed 7% GST on #Cryptos
Australia
Proposed law supports renewal energy based mining and lower capital gains
Wyoming US
Crypto bank upcoming
Dubai
Regulatory authority VARA being setup
Bermuda
CBDCs working
India
30% crypto tax with no setoff 1% TDS
#Blockchain
If you make profit in one coin and loss in other then it will not be linked together, tax will be taken separately for each coin.
If you have spent lakhs in setting up mining rigs,tax will be imposed on your mining profits without considering it as an expense. Govt has gone mad?
Rs. 100 invested into Coin1
Rs. 100 invested into Coin2
Total Investment: Rs. 200
You make Rs. 100 profit in Coin1 and lose Rs. 100 in Coin2
You have to pay 30% for Coin1 profit since you won’t be able to offset Coin2 loss
You now have: Rs. 170
India will be leader in #Metaverse and #web3.
India will play a vital role in regulating technology.
#Blockchain
Government should not put 30% tax.
@PMOIndia please support Blockchain technology
#reducecryptotax
After 11 days government will get tax revenue of flat 30% of from crypto.
After 111 days we will realize that an industry with a huge potential to contribute in the growth story of India🇮🇳 has slowly died.
#unfaircryptotax
1% TDS is an example of killing the golden goose
Hope to see the Government revisit this and reduce or eliminate this TDS in order to help the crypto industry grow further
#UnfairCryptoTax#reducecryptotax
.@PMOIndia Increase business relations with Japan but also learn something from Japan about #crypto, web3 and #Metaverses
India needs this a lot.
If the tax on crypto is not reduced, then progressive technology will end.
Please reduce tax on crypto 🙏🙏
#reducecryptotax
30% flat tax and 1% TDS on the underlying tech of #web3 is not fair.
Crypto is not gambling
Crypto is the future 🔥
Crypto is the power
Web3 is future technology
#reducecryptotax
New crypto tax policy is unreasonable & should be changed. Only a few days remain before it becomes applicable.
#reducecryptotax#reducecryptotaxDay44