India plans to increase taxes for cryptocurrency

21.03.2022 18:53
by Artem Ustinov
1 min read

The Indian government is preparing to recognize the income from trading cryptocurrencies similar to the income from gambling and lotteries. This will entail an increase in taxes on transactions with cryptocurrencies up to 28%.

The Indian authorities are going to finally determine the status of cryptocurrencies and establish a fair taxation, the official said in a commentary for The Economic Times.

Earlier, the founder of a large Indian cryptocurrency exchange, Nischal Shetty, asked the government to revise the law on the tax on cryptocurrencies proposed by the Ministry of Finance.

Author

  • Crypto analyst and practitioner trader with the law and managerial education. Active investor and crypto enthusiast. Worked as an analyst and copywriter in a brokerage company. Accompanied by DAO and NFT projects of different levels of complexity.

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