The post Crypto Tax in India Hits 70%? Will Global Changes Force a Policy Shift? appeared first on Coinpedia Fintech News
India has had a rocky relationship with cryptocurrency. Since 2013, the country’s central bank, the Reserve Bank of India (RBI), has warned people about the risks of digital assets. In 2018, things got worse when the RBI banned banks from working with crypto businesses, making it almost impossible for exchanges to operate. But in 2020, India’s Supreme Court removed the ban, giving crypto a second chance.
Even after that, the government remained strict. It introduced a heavy 30% tax on crypto profits, making trading very expensive. Recently, a new 70% tax was announced on undisclosed crypto gains. In short, it means, if they lose money, they can’t use those losses to reduce their tax burden. Also, if someone makes crypto transactions worth more than ₹50,000 in a year, they must pay extra taxes.
Many believe these harsh rules are meant to discoura
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