Tightening taxes on digital money in India

In India, the Directorate General of GST Intelligence (DGGI) seized $12.6 million from 11 cryptocurrency exchanges. The main reason for the seizure was the charge of tax evasion.

According to the Minister of Finance of India, Pankarj Chaudhary, the tax authorities checked the work of crypto-exchanges, and they were all seen evading taxes. It is worth noting that from April 1, new, more striсt tax laws regarding crypto exchanges will start working in India. Indian crypto firms will have to pay 30% capital gains tax to the treasury. The owners of crypto exchanges and other related assets are confident that the rules of the updated legislation will negatively affect the industry. According to the founder of the WazirX crypto exchange, Nishal Shetty, whose exchange is also sagging under Indian tax audits, these government actions to increase taxes on operations with digital currency may lead to an outflow of businessmen from the country. He believes that India needs to act in the opposite direction and, on the contrary, make efforts to develop digital technologies and the crypto industry in the country. Earlier, we wrote that in Japan, the government is considering changes in legislation to strengthen state control over cryptocurrency operations. It is associated with monitoring compliance with the sanctions imposed by Western countries against Russia.