Indian startup founders and cryptocurrency influencers publicly approve of the finance minister’s proposal to impose a 30% tax on all transactions involving digital assets. But within the community, there are nervous murmurs.
Retail crypto traders and enthusiasts, drawn to the space by the prospect of fast gains, fear being slapped with a huge tax bill after April 1.
“A 30% tax will force retail traders to move to other assets. The rate is too high and on top of that, there is no clarity about how the levy will be calculated,” said an investor, who began dabbling in digital assets in 2017. Many others The CapTable contacted shared similar concerns.
#ReduceCryptoTax has been trending on Twitter since the Union Budget was unveiled on February 1.
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