Well. well, well… today April 1st onwards it’s a new financial year for Indians and any crypto transactions investors make are liable to be taxed according to the new crypto tax framework.
Yes, that framework, I have elaborated in my previous articles, 30% flat tax without income slab, no deductions and reductions except for cost of acquisition, also no provision to set off crypto losses against gains. And not to forget 1% TDS on crypto transactions.
Please read my elaborated and more in depth explanations of these Indian crypto tax provisions in my previous articles here -
- Indian Crypto tax provisions are even harsher than what everyone imagined before!!
- The hard Indian Crypto Tax season to Rekt the Indian crypto community is starting next month!!
- The Indian crypto community lobbies the Government to reduce the grand 30% crypto tax
Crypto entertainment watching prominent MPs criticize this 30% Indian Crypto Tax measure
I have stopped whining about this and have been entertaining myself watching speeches of Member of Parliaments (MPs) who have spoken out very prominently against this 30% Indian tax provision.
I highlighted the voices of two pro-crypto MPs, Ritesh Pandey and Pinaki Misra in yesterday’s article. Today I highlight the pro crypto speech of MP Priyanka Chaturvedi that is bullet spirited.
I wish I can cheer and clap for these voices of support against the harsh Indian crypto tax measure, that ruins a lot of things including lucrative crypto engagement opportunities for little crypto fishes like me.
However, never mind little fishes, let’s get some crypto entertainment that may offer some consolation, for the wounded Indian crypto fishes out there.
MP Priyanka Chaturvedi’s pro crypto voice on the offence about the Government's harsh crypto tax provisions!!
She said the following -:
India is probably the first country that is taxing crypto without having a crypto Act, the Finance Minister can’t even clarify whether crypto is legal or illegal but she will tax crypto and levy TDS on it. The irony of it!! (Yes, Priyanka madam we know!!)
The obvious thing to do here is to make a proper regulatory framework to create an enabling ecosystem that will benefit youth with employment opportunities in this crypto industry and empower them which in turn will benefit the Indian economy.
But the Government is branding crypto as dirty because it does not attempt to understand the intention behind crypto, WEB 3.0 when it should be thinking about framing the best regulatory framework so that this technology can benefit youth and the economy.
She ended by saying that we live in the age of Wen 3.0, we can choose to bite the bullet or dodge it. If one does the former, youth will be empowered to build businesses in India which will benefit the Indian economy or else if one chooses to dodge, we can take pride and live in the glory that Indians have gone abroad and build grand businesses.
Video clip of MP Priyanka Chaturvedi’s speech.
True that when one talks about crypto regulations, it’s not just taxation, it’s about creating an enabling ecosystem for Blockchain companies to function, taxation is only a part of it, else obviously Indians will go elsewhere to countries with crypto friendly regulations and build their Blockchain companies.
A Theory on why the Indian Government has made such a stringent crypto tax law
Anyway… I wonder how many existing Indian crypto investors will break up with crypto, like Elon Mask said or joked that he broke up with Bitcoin!!
I have heard views from a youtube educator , Pushpendra Singh that the Government is doing this to favour the Indian Stock Market big guys or traditional asset whales.
Indian Stock market’s king investor, Rakesh Jhunjhunwala has been vocal saying he won’t buy bitcoin for even 5 dollars, and his views will influence opinions of millions of innocent indian investors (not me though).
Indirect way to have Retailers move their investments from the crypto asset class to the Stock market asset class
It’s quite possible that the Indian investors who planned to take their money out of the stock market and put it in crypto will now not do so.
On the contrary, Indian crypto investors may exit the crypto market and put their money in the stock market, feeling that it’s a safer and an easier asset class to stay invested in as it has no harsh taxes penalizing the little investor’s capital out there.
So, the stock market will boom again with new inflow of funds and those traditional asset whales will take profits.
Classic move, where all this indirect manipulation of powers have big whales(sorry sharks) benefit out of the investment moves of small fishes, wiping the positions of us little cute fishes.
Little investors should know that markets are rigged against them so beware!!
Yes, money is a ruthless matter, and in games involving trading markets, whales (or let’s brand them greedy sharks) will without mercy make strategic moves and make money trading against the moves of the retail investors, wiping the positions of the latter!!
Yes, we all should know that the markets are rigged against retail investors, that is why we all celebrated when Retail investors made money out of the moves of Wall Street Companies in the GameStop (GME) stock short squeeze trading episode of Feb last year.
Little fishes will lose out if their exit crypto and enter the stock market now
Now, withdrawing money from crypto when it’s in an accumulation bullish phase after reaching bottom support and putting it in stocks , is definitely a losing move): ….
Well, little fishes like me will have a tough challenging time, but I am a tough crypto fish, been in crypto for a few years and I hope I have learned the skills to swim through these tough tides because I can’t break up with crypto for sure and without crypto today, I am a fish out of water!!
Thank you for reading!!