India has collected over $19.2 million in taxes because the introduction of latest laws imposing a 30% flat fee on cryptocurrency transfers.
Based on the Ministry of Finance, the federal government collected 15.79 billion Indian rupees (about $19.2 million) in direct taxes from digital digital asset funds within the fiscal yr ending March 20, 2023.
The Indian Decrease Home of Parliament, the supreme legislative physique of India, handed the Cryptocurrency Tax Invoice on March 25, 2022, primarily concentrating on cryptocurrency exchanges.
Exchanges working in India or providing cryptocurrency exchanges to Indian traders are required by legislation to pay a capital positive aspects tax of 30% from April 1, 2022.
Within the 2022-2023 Federal Funds, Finance Minister Nirmala Sitharaman proposed a 1% tax on cryptocurrency transactions, which implies that from July 2022, Indian residents must pay 1% on every transaction who buys or trades cryptocurrency tax. The choice to tax cryptocurrencies is an try to extend authorities income and curb illicit transactions.
The brand new tax coverage has been welcomed by Indian authorities, who’re grappling with the challenges posed by cryptocurrencies, which have been used for illicit functions corresponding to cash laundering and terrorist financing. Whereas some traders expressed concern over the tax, others noticed it as a essential step to legitimize the Indian cryptocurrency market.
The Indian authorities has tightened laws on cryptocurrencies lately, and the brand new tax coverage is one in every of them. The federal government is especially involved concerning the dangers posed by cryptocurrencies, together with their potential use to finance terrorism and different unlawful actions.
Nonetheless, regardless of the dangers, governments have acknowledged the potential advantages of cryptocurrencies, corresponding to their potential to extend monetary inclusion and enhance entry to capital for SMEs.
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