India considering 18% TAX RETROACTIVELY on Cryptocurrencies!
As reported today by news agency Bloomberg, the Indian Government is considering taxing Bitcoin and other cryptocurrencies with an 18% GST (Goods and Services Tax) and moreover it will be doing so retroactively since July 2017!
The Indian Central Board of Indirect Taxes is considering this proposal even though there is no clarity over the legal status that cryptocurrencies have in India right now. This would, of course, provide an immense new revenue stream to the Indian government.
This goes to show that Cryptocurrency are starting to be accepted world wide as legal tender.
Maybe, but IMO taxing retroactively is not the way to go. Many people that had profits in July 2017 probably already spent the money the gained.
Taxing is necessary for more mainstream adoption, however taxing retroactively is not the correct way to go.
If the Govt. of India taxes the cryptocurrency trade than it's clear that it is not going to move against cryptocurrencies especially bitcoin i.e., wouldn't try to ban it.
Yes of course, taxing cryptocurrencies implies that it is not moving towards banning them, but that for me is already clear since the nationwide discomfort that the ban on cryptocurrencies by the Central Bank of India caused last time.
Taxing instead of outright banning is good, however taxing retroactively 1 year is not going to make people more happy than just banning.
that's correct but there's no ban but a just a warning for cryptocurrency investment is issued
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