Kuldeep Gupta

[Wise Advice @wiseadvicesumit]

🇮🇳 India's 30% tax and 1% TDS on crypto caused drastic damage 🚨🚨

🔻 Trading volume dropped by 97%

🔻 81% of users declined and migrated to offshore exchanges.

Dilip Chenoy, Bharat Web3 Association Chairperson, has recommended a crypto policy that will help the traders: 

 👉 Change the flat 30% tax on #Crypto income to match the tax rates of other types of income.

👉 Reduce the TDS rate from 1% to 0.01%.

👉 Allowing loss offset for Crypto traders.

Government should understand that crypto is not gambling; it's the future.

The earlier you accept or adopt it, the more benefit you will get.

#reducecryptotax #Bitcoin

[Kuldeep Gupta @Kuldeep0751]

@cryptoady Mantle

[Wise Advice @wiseadvicesumit]

.@GaiminIo announced an Airdrop

Cost: $0

Time: 5 minutes

Potential airdrop: $500-$1000

A thread 🧵👇

[Kuldeep Gupta @Kuldeep0751]

@GaiminIo @movementlabsxyz @BNBCHAIN @CoinMarketCap @GaiminGladiator @GaiminIo $GMRX

[Wise Advice @wiseadvicesumit]

India 🇮🇳 is in the No. 1 position in Crypto Adoption 🔥

But India is in the number one position in taking taxes too 🥲

#Crypto investors are suffering from 👇

♦️ 30% Tax

♦️ 1% TDS

♦️ No loss offset

Still, crypto adoption is on the rise.

We can't even imagine how immense crypto will be when there will be 😍

✴️ Proper Tax slabs

✴️ 0.001% TDS

✴️ Loss offset

If you also want a favorable tax rate, must like ❤️ and repost this tweet.

#reducecryptotax

[Sumit Gupta @smtgpt]

#ReducecryptoTax

As we approach Interim Budget 2024. We urge the @FinMinIndia to reconsider the current taxation structure on Virtual Digital Assets (VDAs), setting the stage for a more conducive environment.

Establishing a self-regulatory body for the crypto and blockchain sectors is paramount. This move could be a game-changer, fostering responsible practices and boosting confidence in the industry. Moreover, implementing a standardized regulatory framework would not only bring clarity but also unlock numerous global opportunities, positioning India as a leader on the world stage.

Specifically, we call for a reduction in Tax Deducted at Source (TDS) on VDAs from 1 to 0.01 percent, allowing the offsetting and carrying forward of losses from VDA sales, and treating income from VDAs on par with other capital assets. These measures will not only streamline the regulatory landscape but also pave the way for India to reclaim and advance our rightful place in the global Web3 narrative.✊🏼🇮🇳

Here's a petition link with details on why #reducecryptotax in India: 👇🏼

English - https://t.co/icNA6MzkHo
Hindi - https://t.co/94bGISjvhN
@nsitharaman @narendramodi

[Aditya Singh @cryptoady]

लोस्स तुम्हारा प्रॉफिट में ३०% हमारा

#ReduceCryptoTax

[Wise Advice @wiseadvicesumit]

#MANTA is not listed on any Top Indian 🇮🇳 Exchanges.

Today, MANTA got listed on every major Tier-1 foreign exchange.

It is also an established project, but still, no Indian exchange has listed it 😐

After a few weeks or months, when the hype of the $MANTA token slows down, they will probably list it ☹️

👉 In India, there are a lot of #Crypto traders who want to trade new coins, but due to their unavailability on Indian exchanges, they trade them on foreign exchanges.

👉 You can promote as much as you want about being compliant but you yourself are causing the traders to not trade on your platform.

Good UI, new token listings, smooth deposit and withdrawals, active customer support, good liquidity, and many more things are missing.

I genuinely want the Wise Advice community to tag their favorite Indian exchange and ask them why they haven't listed MANTA or more recent Binance Launchpool projects yet.

[Kuldeep Gupta @Kuldeep0751]

#reducecryptotax

[Aditya Singh @cryptoady]

Sathvik @sathvikv has been Tweeting about #ReduceCryptoTax for 715 days.

Hats off to him

[Aditya Singh @cryptoady]

Few days ago I asked the community why they don’t prefer to trade on Indian Exchanges. Below are few suggestion made by the community besides Crypto Tax issues :

1 - UI is not good and comfortable .
2 - Can't handle high volume, during high volatility exchanges face glitches.
3 - Less trading volume and liquidity. Resulting in long wait time to execute orders.
4 - Huge price difference between buy and sell bids.
5 - Deposit and withdrawal issues.
6 - doesn’t have lot of features that are available on foreign exchange. For example - Margin, Future trading, multiple chain support, etc.
7 - Trading and withdrawal fee is higher compared to foreign exchange.
8 - Trading view charts not available.

Add more below 👇

[Aditya Singh @cryptoady]

Solution is #ReduceCryptoTax

It will be good for India.

How ? We will be updating the petition with details tomorrow.

[Kuldeep Gupta @Kuldeep0751]

@cryptoady @CryptoPointHi @nsitharaman

[Sapna Singh @earnwithsapna]

Crypto policy has always been unfriendly; easing these prohibitions would benefit the economy.

➡️ 2018 : Ban on banks dealing Crypto
➡️ 2022 : 30% Crypto Tax + 1% TDS on trading came.
➡️ 2024 : Crypto apps removed and URLs blocked.

Despite all these restrictions 🇮🇳 ranks 2nd in Crypto - Just behind America 🧐

#reducecryptotax

[Aditya Singh @cryptoady]

The world is embracing Crypto, India is taxing it like a punishment.

#ReduceCryptoTax

[Kuldeep Gupta @Kuldeep0751]

@moneygurusumit @wiseadvicesumit 0x21ceb79ab0cb06c283f22574c0bbcfcd1cc3b8a6

[Sumit Kapoor @moneygurusumit]

Happy Sunday, Wise Advice Angels!

It's time for day 3 of the 7-day giveaway, folks! 🤑

Drop down your BEP-20 Wallet below and I will handpick a winner!

To be eligible, make sure to;

➡️ Follow @moneygurusumit and @wiseadvicesumit
➡️ Like and Repost this tweet
➡️ Comment your BEP-20 Wallet below

The winner will be announced in 24 hours!

All the best everyone! ❤️

[Sumit Kapoor @moneygurusumit]

Good morning Twitter fam! 😇

So the government of India wants the users to pay 30% tax and 1% TDS on #crypto but they also want to tell everyone that #Bitcoin is a scam and only used by criminals and they won't support crypto in India?

Can someone explain? 😂😂😂