In Brief:
- Indian Citizens filed an online petition against 30% tax on digital assets.
- In less than an hour, the petition was surprisingly signed by 15,000 users.
The spark of the crypto revolution has just started after the revelation of Budget 2022 from Indian Finance minister, Nirmala Sitharaman.
Now the Group of people filed a petition on Change.org titled “Government of India: Introduce Reasonable Crypto Tax Policies” against the burdensome tax over digital assets.
Indian Government imposed a 30% tax on digital assets such as cryptocurrencies and non-fungible tokens (NFTs) for buying, selling, and trading. This news has created a panic for many crypto investors.
The person named Aditya Singh has filed this online petition with the hope that it will be considered by Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. The petition got an impressive response from people across the country and in less than an hour more than 15,000 people signed the petition. Incredibly, the platform cross-over the bar was already set to achieve in just three hours.
At the time of writing, more than 50,000 people raised support for this petition and it is still counting.
The government approach pretends that the country is soon going to adopt crypto with such regulations and rules. The country is also working on its Central Bank Digital Currency (CBDC) project, Digital Rupee.
The petition is raised along with a budget proposal for the Finance Minister to consider for crypto expansion in the country. The key points of this proposal are,
- Crypto industry should not be treated as the betting and gambling industry
- Instead of 30% tax on the crypto, tax rate should same as stock market transactions
- TDS on Sale Consideration should reduce from 1% to 0.5% and SFT implementation on crypto exchanges
- Cost of Acquisition should be defined based on different transactions such as Exchange Fees, Blockchain Network Fees etc.
- Loss set-off and carry-forward on crypto assets should enable
