Meta Description: India’s finance minister, Nirmala Sitharaman, proposed taxing crypto income at 30% this week. Thousands of Indians have signed a petition asking the government to introduce reasonable crypto tax policies.
A petition has been launched on Change.org urging the government of India to implement a crypto tax policy. In her Budget 2022-23 speech earlier this week, Finance Minister Nirmala Sitharaman said crypto income would be taxed at 30%, and there would be no deduction, except for acquisition costs.
The petition was launched by Aditya Singh, a Youtuber who runs the channel Crypto India. The petition calls for India’s Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to make changes to the tax proposal. More than 60,000 people have signed the petition.
The petition notes that there are approximately 15-20 million crypto investors in India and several hundred thousand young Indians participating in the sector. Indian investors are also holding approximately $6 billion in crypto assets.
Additionally, the petition states that cryptocurrency contributes positively to the country in the form of employment, FDI investments, GST payments, and income tax revenues.
In the petition, five requests are made to Prime Minister Modi and Finance Minister Sitharaman.
First, we ask that the crypto industry be treated differently from the gambling and betting industries. Secondly, we ask that the current proposed tax rate of 30% be aligned with the tax rate applicable to stock market transactions.
Moreover, the proposed 1% tax deducted at source (TDS) should be lowered to 0.05% in addition to allowing “loss set-off and carry-forward since crypto markets are still in the early stages and highly volatile.”
In addition to exchange fees, blockchain network fees, interest payments, and royalties on NFTs, the acquisition cost should also include these items.
The petition concludes those who sign the petition urging you to kindly consider the requests made by the industry, as the proposals in their current form will negatively impact crypto traders and the entire crypto industry.