Request to Raise Cryptocurrency Taxes In India

There has been a request to raise cryptocurrency taxes in India. The tax was asked to be increased by 30 percent more.

Sushil Kumar Modi, who was the finance minister of the state of Bihar in India from 2005 to 2020 and is currently a parliamentarian from the Bharatiya Janata party, said that the tax on cryptocurrencies should be increased. Modi made evaluations about the 2022 Appropriations Law and the 2022 Finance Law in the Parliament; While he said that areas such as gaming, digital credit and social media should be regulated seriously, he also demanded a 30% raise on the cryptocurrency tax. Modi made the following statements: "I ask the finance minister to consider increasing the accepted 30% tax rate. Please include this in the topics to be discussed. Cryptocurrencies are gambling. It is another variation of horse racing or lottery games. When you invest in the stock markets, you know the company behind it, but we don't know who is behind the cryptocurrencies. Japan charges 55%, Germany, France and Austria 45%, and the USA 37%. The 18% tax levied on the cryptocurrency service provider should also be increased." In addition to wanting to increase the taxes, Modi stated that a large amount of assets will go out of the country through personal wallets, and said: "People keep their assets in private wallets. After April 1, $8 billion in assets will leave the country. More than 40 credit platforms are managed by Chinese developers. The government needs to look into them."