In India, there is a lot of interest in cryptocurrency and most people have heard about Bitcoin. In fact, there are more than 100,000 Bitcoin wallets and Indian investors invested over $10 billion in cryptocurrency last year.
The Indian government has been trying to regulate the crypto market for a long time, but it has not been able to come up with a legitimate regulation yet.
In 2022, the Indian finance minister said in the budget that cryptocurrency transactions will be levied with a flat tax of 30%. Moreover, for profits above Rs. 50000, 1% TDS will be charged.
Today in Parliament, the Finance Minister of India said that miners will have to pay a flat 30% tax on the entire amount.
Cost of acquisition won’t include mining infrastructure cost as a deduction, Miners will have to pay flat 30% tax on the Entire Amount. Loss from trading of one type of crypto pair (ETH/INR) cant be set off against profit from trading another type of crypto (BTC/INR)