#reducecryptotax
Why is this petition Important and why the crypto community needs to sign this? A thread 🧵
#Budget2022 @CryptooAdy twitter.com/CryptooAdy/status/1489150549211901952
Budget 2022 has proposed:
1. Tax at 30% on Crypto gains with deduction only for cost of asset. So we can't claim exchange fees, network/gas fees, NFT royalties etc. as deduction.
2. This means, Govt. is treating Crypto "at par" with gambling and betting.
(2/n) #cryptocurrency
Is the crypto community engaged in Betting and Gambling?
definitely not. It takes a lot of skills, time and months of efforts to successfully launch a project and build community.
NFT Artists sweat out to make & sell their paintings. They have access to global platform
(3/n)
3. TDS is being proposed to levy @ 1% on Sale value.
This is going to kill liquidity for exchanges & also reduce capital of traders.
As a consequence, not only will crypto Industry suffer. But even GST collection will reduce as traders migrate to International exchanges.
(4/n)
4. We proposing a alternative to TDS:
Impose SFT filing for Crypto exchanges and ban P2P trading (after providing banking access to exchanges).
So that the government can have a trail without killing the Industry.
(5/n) @ImZiaulHaque @PushpendraTech @sumitkapoor16
5. We are also requesting government to levy taxes on International exchanges and mandating them to obtain registration in India, if they want to provide services to Indians.
This will help increase tax collection for government.
(6/7) @simplykashif @PareenL @ThatNaimish
6. We as a Industry, want to put our Nation as the first priority.
But, The proposed provisions are going to kill the 🇮🇳crypto Industry. I request you all to kindly read & sign the petition. Let's have a dialogue with Govt
Petition: chng.it/G6SFKwp9b6
@CryptooAdy (7/7)