India, which was recently considering banning cryptos altogether, has now decided to impose a significant tax on them – a new proposal to the Indian Central Economic Intelligence Bureau (CEIB) suggested imposing a 18% tax on all Bitcoin trading in the country.
According to recent statistics, there is an estimated 40,000 crore INR ($5.5 billion, where 1 crore equals 10 million units) worth of Bitcoin transactions in the country. If that is accurate, then that 18% tax (called called the good and services tax – GST) would bring in about 7,200 crore INR ($1 billion) of revenue tax fo the Indian state.
Source
After all, why ban something when you can profit from it instead?
According to recent statistics, there is an estimated 40,000 crore INR ($5.5 billion, where 1 crore equals 10 million units) worth of Bitcoin transactions in the country. If that is accurate, then that 18% tax (called called the good and services tax – GST) would bring in about 7,200 crore INR ($1 billion) of revenue tax fo the Indian state.
Source
After all, why ban something when you can profit from it instead?
