Is 30% tax good or bad in India?

gulab · Post time 28-8-2023 01:57:03

India has a very high rate of tax on cryptocurrencies i.e., 30% on income from virtual digital assets. Is it good, considering money laundering, or bad considering the emergence of a new technology?

chetan · Post time 28-8-2023 02:22:26

Well, if you are letting someone take away 30% of what you have earned, it feels definitely bad. Further, it feels worse when you are not allowed to equate your profits with losses. No matter how much your losses are, you still need to pay 30% of profits as tax.

raman · Post time 28-8-2023 02:46:22

30% Tax is still better than banning crypto altogether which the government and RBI did a few years ago in 2017-18. This caused all of us to miss a great trend where we could have made a lot of money.

sourav · Post time 28-8-2023 03:08:47

If the tax was according to tax slabs, it would be ok. Or even if it was possible to adjust profits with losses it was okay. But a flat 30% that too only on profits is a bad idea.