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.
Source
It turns out taxing cryptos is far more practical than banning them, who would have thought?!
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.
Source
It turns out taxing cryptos is far more practical than banning them, who would have thought?!