India Considers Imposing an 18% Tax on Crypto Trading

e_abrams

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India, which was recently considering banning cryptos altogether, has now decided to impose a significant tax on them – a new proposal to the Indian Central Economic Intelligence Bureau (CEIB) suggested imposing a 18% tax on all Bitcoin trading in the country.

According to recent statistics, there is an estimated 40,000 crore INR ($5.5 billion, where 1 crore equals 10 million units) worth of Bitcoin transactions in the country. If that is accurate, then that 18% tax (called called the good and services tax – GST) would bring in about 7,200 crore INR ($1 billion) of revenue tax fo the Indian state.
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It turns out taxing cryptos is far more practical than banning them, who would have thought?!