India will introduce a 30% cryptocurrency tax

In India, the issue of taxation of cryptocurrencies for 2022-2023 is being resolved. The Minister of Finance noted that any transactions with cryptocurrencies will be subject to a 30 percent tax.

According to experts, we are talking about buying, selling and trading cryptocurrencies. All of these activities will be taxed. However, there is also a good side. Apparently, India will not ban digital assets.

In order not to impose a ban, the government must control the growing market. This requires the authorities to introduce special tax accounting. Moreover, judging by the information known to date, no deductions or discounts are provided for traders yet.

According to the head of the Ministry of Finance, no losses incurred when trading digital assets can be used to offset the tax. Perhaps a 1% discount will be introduced on transactions that exceed a certain threshold.

Subscribe to our Telegram , Twitter , Facebook to be the first to know about cryptocurrency news!

CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.