Indonesia introduced a 0.1% VAT and capital gains tax on crypto transactions and investments.
The taxes will come into effect from May 1.
Taxes on crypto have been facing backlash from the community recently.
.@narendramodi say
🔴SAB KA SATH SAB KA VIKAS.
🔴India has to be made self-reliant.
🔴Make India a technology hub.
🔴Stop the talent going abroad.
Then why so much discrimination against Crypto?
This is big FUTURE technology.
Will take India to top
Reduce tax.
#reducecryptotax
JUST IN :
Cost of acquisition won't include mining infrastructure cost as a deduction, Miners will have to pay flat 30% tax on the Entire Amount.
Loss from trading of one type of crypto pair (ETH/INR) cant be set off against profit from trading another type of crypto (BTC/INR)