The budget was presented in Parliament on 1 February and during this time the government decided to levy TDS of 30% on crypto earnings and 1% on transactions. After this news, the Indian crypto community united and during this two campaigns started. The first campaign was started by Indian crypto YouTuber Aditya aka Adi Bhai who is the founder of Crypto India channel. He made a petition on Change.org titled “Govt of India should bring a fair tax scheme on crypto”. Here we are telling some special parts of what has been written in this petition-:
The number of crypto investors in India is 15 to 20 million including young people in the age group of 17 to 27 years who are involved in development in crypto as well as many services. The Indian crypto market is worth 5 to 6 billion dollars, out of which the majority are small investors and holders. The crypto sector has supported the Indian government with employment, foreign investment, GST revenue, and income tax. Every day a large number of crypto trades take place in India and the GST of 50 to 100 lakhs from the fees paid on it goes to the Government of India every day.
The Indian crypto community is actively demanding for crypto regulation and is cooperating with the government machinery in every way in any investigation. In the budget of 2022, crypto has been taxed similarly to betting and betting. This will have a bad effect on the crypto sector and the entire economy. That’s why the entire crypto community requests that this crypto tax be reconsidered. This community wants to cooperate with the government in making crypto rules.
1 Crypto should not be seen as betting or betting.
2 Crypto should also be taxed like the stock market.
3 Reduce the 1% tax on crypto transactions to 0.005% or some other solution.
4 The cost of purchasing crypto should also define exchange fees, blockchain network fees, payment interest, NFT royalties.
5 Since the crypto sector is still in its early stages, losses should be allowed to be added to and adjusted for tax.
These are some of the main points of this petition. Edi had posted this petition on his Twitter around 12 am on February 3.
According to the platform on which this petition has been filed, according to him, this petition is the most successful petition till date on his platform, which has got so many signatures in such a short time. With 75000 signatures, this petition will be the most successful petition on this platform. Looking at the speed with which this petition is being signed, it seems that soon this petition will take more than one lakh signatures.
Along with this, a hashtag was also started on Twitter to reduce crypto tax #reducecryptotax, who started this hashtag is not known but since yesterday this hashtag is trending on Twitter. Till now there have been more than two lakh tweets about this hashtag and it is trending even today.
Whenever there has been a problem with the crypto sector, the crypto community has come together to fight. When we talked to the founder of India’s famous crypto YouTube channel Webmastermind about this, he said that “Crypto community is a community of very educated people. We understand technology and know that blockchain is the technology of the future and decentralized blockchain cannot run without crypto tokens or coins. It is true that there is good earning in crypto investment and trade and for the progress of the country we must pay tax but 30% is not right. We do not do any speculative or gambling business but this is an area to be understood after a lot of technical knowledge. We want the government to regulate crypto and tax it properly like other services and earnings are taxed. The entire crypto community is with the government and is ready to pay taxes. I think our government will be looking into it and soon we will get to see the right tax system. I thank the crypto community, who come together when needed and do everything possible to help. Everyone’s efforts are commendable”.
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