A member of Parliament, Sushil Kumar Modi, has encouraged India’s finance minister, Nirmala Sitharaman. Also, to consider boosting the capital gains tax on cryptocurrency income to more than 30%. That’s, rather than the flat rate that will take effect on April 1.
The minister claimed that cryptocurrency’s compound annual growth rate (CAGR) is so high that
“investors are drawn in by the spectacular gains.”
“The CAGR of Bitcoin is 115 percent, while Ethereum’s is 30 percent,” Modi states.
“For people who earn a living off of crypto, a 30 percent [tax] isn’t going to make a difference.”
In addition to the 30% tax on crypto revenue. Also, India plans to implement a 1% tax deducted at source for all crypto transactions from July 1st.
Crypto investors, dealers, and exchange owners in India resorted to social media to ask India’s finance minister to reconsider the high taxation on an asset class that is still in its infancy.
Priyanka Chaturvedi, a member of Parliament, was one of the few ministers to endorse crypto trading in India. So, advocating for the formation of a regulatory framework to encourage innovation.
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