Indian government’s next target is international exchanges

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It's been more than a year since the Indian government applied 30% tax and 1% to TDS And I’m not sure that in the future, they will also apply GST on cryptocurrency. Maybe it will be 28%. I don’t have any idea about it So according to the Indian government crypto is gambling. And it should be treated as a gambling and money-making machine But they do not understand the technology behind it So let’s not talk about this particular method.

This new update is really interesting to see, especially for the Indian crypto community Because now the government wants international exchanges to register under the PMLA act According to this, they have to apply 1% TDS on their exchanges And if they do this, then they will be able to manage and provide their services into India. Otherwise, they cannot provide their service in India.

Now two major exchanges Huobi and Binance have been added to the list They have to answer this within a few days. If they don't, then their URL will be banned in India. This tax rule is not affordable for anyone and this will ruin the crypto industry they will not be able to earn much from this rule because most people will not like to pay this much tax because not everyone is earning here You have to see losses and profits because trading means you will get both profit and loss And Indian government need to understand this.

Also, there is no slab system, so everyone has to pay the tax I think 10 to 15 percent is a good percentage of tax and the government should need to reconsider this if they apply 10 to 15% tax, then I think everyone will pay the taxes And maybe the government will earn more than now, the volume is low because most of the people left the cryptocurrency space. And some people go on to the international exchanges. So now the government targeting international exchanges. So now it will be difficult for them to be with the cryptocurrency community So hope you like this. Don’t forget to share it and I will meet you in my next blog, next blog. Till then, take care.

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