India, a nation once notorious for its anti-crypto stance, might be reconsidering its position on the back of changing global attitudes. The world has seen a shift towards crypto acceptance, particularly since the pro-crypto Donald Trump became the US president, inciting a global race to embrace crypto. India does not wish to be left behind in this race.
Currently, India enforces a hefty 30% capital gains tax on crypto assets, without differentiating between short-term and long-term holdings. This places crypto assets in one of the highest tax brackets within the nation, comparable only to the tax on lottery and gambling winnings, which also stand at 30%. This implies that the Indian government equates crypto assets with gambling.
Moreover, a severe amendment to Section 158B of the Indian Income Tax Act has been made to incorporate Virtual Digital Assets (VDAs). If an individual is found with undisclosed crypto assets, they could face a staggering 70% penalty. Prior to this, this rule was only applicable to undisclosed cash, bullion, and jewelry.
Amit Kumar Gupta, a practitioner in the Indian Supreme Court, suggests that India perceives crypto as a vehicle for money laundering and terrorism financing. However, there seems to be a shift in India’s viewpoint on crypto.
Ajay Seth, India’s Secretary of Economic Affairs, acknowledges that digital assets transcend national borders. Consequently, the Indian government is considering revising its stance on crypto, potentially easing the strict taxes currently in place.
Analysts predicted that crypto endorsement by certain countries could set off a global trend, which seems to be materializing. As the US embraces a pro-crypto stance under Trump, other nations might follow suit and pass legislation favoring crypto. El Salvador serves as a prime example. Despite a recent $1.4B agreement with the IMF, which limits public sector involvement in crypto, the country continues to accumulate Bitcoin.
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