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RE: Life with 30% crypto Tax and upcoming 28% GST
Dear @alokkumar121
I always thought that Europe has high taxes. I have to pay 19% on all crypto being cashed out to FIAT. And GST (in europe it's called VAT) is as high as 23%.
And I thought that this is already insane.
But seeing 30% crypto tax and 28% GST is absolutely mindblowing.
Crypto is still not legal in India from the regulation point of view however it's not illegal as well
Correct me if I'm wrong, but if you pay tax then whatever is being taxed is supposed to be legal. So crypto as an taxable asset should be legal. After all, taxes cannot be paid from illegal activity.
Cheers, Piotr
Hi @crypto.piotr
You are lucky that you are not in India else you would have to 30 which I think is very high. Irony is that its flat and everyone has to pay if they earn anything in crypto and there is no option to set off loss. So if you earn the tax is applicable but if you lose then its yours.
there is conflict on this and no clarity at all. Govt says that crypto is neither legal nor illegal however getting tax is govt's sovereign right on any income. They are exploring this and will see what do in future but as of now its in neutral state.
Honestly its all making things difficult for crypto.
Thanks
Indeed @alokkumar121.
It does seem that I'm lucky not to be born and live in India (since I'm so much into crypto)
My question is: does your tax office have resources to even find out who sold crypto (without declaring it)?
Strange.
Based on my knowledge, goverment cannot tax anything that is illegal. That's why many jobs (like being prostitute) is not taxable and cannot be taxed no matter what.
But perhaps Indian goverment doesn't follow same "rules".