đ¨ Crypto Taxation in India: A Draconian Approach? đ¨
Recent discussions around India's crypto tax laws have raised eyebrows among legal experts and entrepreneurs alike. Amit Kumar Gupta, a Supreme Court lawyer, describes the government's approach as "ruthless," asserting that a hefty 30% tax on crypto profitsâwith no allowance for loss deductionsâcould stifle innovation and push entrepreneurs out of the country.
đź Key Points:
Draconian Regulations: The government's perception of crypto as a tool for illegal activities has led to heavy taxation that may hinder technological advancement.
Web3 Innovation: Despite regulatory uncertainty, tech startups continue to explore Web3 projects, emphasizing India's potential as a leader in crypto adoption.
Market Potential: Industry leaders believe that significant players are yet to enter the market, and with the right conditions, India could set a global example.
As the debate on crypto regulation evolves, the balance between innovation and oversight remains crucial. Stay informed and engaged as we navigate these changes together!
