Clearing some confusion on #reducecryptotax Petition: chng.it/G6SFKwp9b6
What are we trying to convey?
What is our request to Government?
@CryptooAdy @simplykashif @NischalShetty @sathvikv @smtgpt @acryptoverse @pushpendrakum @sumitkapoor16 @gauravdahake
Pls share
(1/5)
Our requests are outlined in the above petition. I would like to clarify a few things:
1. Tracking of Crypto transactions:
If Govt's Intention is to track crypto transactions.
Then we are requesting Govt to Implement SFT (Similar to Stock exchanges) rather than TDS.
(2/5)
However, If Govt wants to track Transactions and also collect advance revenue in form of TDS.
Then, We request the TDS rate may be 0.01% of Sale value, which would be a major relief for Tax payers & ensure Volumes grow on Indian Exchanges yielding addnl. GST to Govt.
(3/5)
2. Taxation at 30%:
We are requesting Govt. to give following benefits to crypto community inline with those available to our Stock traders:
✅ Slab benefit
✅ Deduction for direct expenses (brokerage, Interest, Royalty etc)
✅ Carry forward of losses
(4/5)
We are thankful to Government to give us an opportunity to voice our concerns.
I hope these points clarify our specific reliefs requested
Together we can make India global hub for crypto and which helps our nation in,
✅ FDI
✅ Employment
✅ GDP growth etc
Jai Hind 🇮🇳
(5/5)