Mumbai: The government's decision to bring cryptocurrency transactions under the tax net is going to create a new problem for crypto exchanges. Experts say that this difficulty will be in the form of an equalization levy. This is because in most cases crypto assets are bought by Indian citizens through crypto exchanges from people who live outside India. The equalization levy applies to foreign players and is applicable when the services are sold by non-Indians.
Experts say that there are many instances where there is no clarity on whether the seller in the crypto transaction is based in India or not as most of the crypto exchanges are based outside the country. It is also the case that in many cases exchanges will be covered in the definition of e-commerce players for the 2 percent equalization levy.
how to grow difficult
Paras Savla, partner, KPB & Associates, says that in case of transactions done through crypto exchanges, the exchanges can be made intermediate for TDS collection. Experts say that when exchanges try to comply with this, they will have to first deduct TDS and then enter it in their books. Eventually, it will attract an equalization levy.
According to Rahul Garg, managing partner, Aspire Consulting, if exchanges are required to comply with withholding requirements, they will have to come to the money flow where they first collect the total amount of the transaction and then pay the seller after withholding of taxes. Will have to do This could lead to several tax compliances before the exchanges, including if the buyer is a citizen of India, crypto exchanges would be subject to the e-commerce equalization levy. This is because most of the exchanges are located outside India.
Coronavirus in China: Demand to tighten zero covid policy in China, local media appeals
Just a few days back, the Zero Covid policy was relaxed in China. The local media of China has now appealed to the government to strictly follow the zero covid policy. China's daily newspaper People's
Haryana DSP Murder: Police encounter in Nuh, Haryana, miscreants involved in DSP murder arrested, shot in leg
Nuh DSP Murder: After the murder of Tawadu DSP Surender Singh Bishnoi in Nuh, Haryana, a miscreant has been arrested in a police encounter. During the encounter, the miscreant has been shot in the
America used power to stop Modi: Powerful country came out against giving 6 thousand annually to farmers, India got China's support
The World Trade Organization (WTO) meeting was held in Geneva. At this conference, America and European countries opposed the agricultural subsidy given to Indian farmers. The annual subsidy of Rs
Bihar Hooch Tragedy: 16 people died in Motihari, 12 in critical condition; The family said – there was a liquor party on the farm
Two deaths occurred on Friday at the Turkaulia, Harsiddhi, and Paharpur police stations of Motihari. People called it poisonous wine. Postmortem did not happen. The administration kept telling
Monika Singh of Indian origin created history in America, and became the first woman Sikh judge, the judge said - this is a moment of pride
Pravasi Bharatiya Divas is being celebrated in the country today. Overseas Indians have brought laurels to the country across the world. Meanwhile, similar news has come out from America today, where
After 48 years, Team India created history: For the first time, England defeated England by 10 wickets, Bumrah took 6 wickets; Rohit-Dhawan shine with the bat
Team India trampled England by 10 wickets in the first match of the 3 ODI series. This is the first time in 48 years that India has defeated England by 10 wickets. India played an ODI for the first
I.N.D.I.A: In the name of I.N.D.I.A there may be ruckus in the general elections, petition filed in Delhi HC against the alliance
A Public Interest Litigation (PIL) has been filed in the Delhi High Court against the Indian National Developmental Inclusive Alliance (INDIA), a coalition of opposition parties. The petition sought
Special conversation: Ila Arun said – Bappi Dada's contribution to the music industry is huge, used to give importance to his artist
Bappi da left a little early. If his health had not deteriorated, then he had such energy that he would have created a ruckus in music for 10 years, because he had such great charisma. He used to
ISRO: This payload of Aditya L-1 started work to gather important information about the Sun, know what it will reveal
Aditya-L1, sent by India to collect important information about the Sun, has started its work. Now the payload on the satellite – Aditya Solar Wind Particle Experiment has started working. ISRO
Home Ministry: India-Bangladesh will strengthen cooperation on issues related to security and border, an agreement made in the meeting
India and Bangladesh will further deepen and strengthen cooperation on security and border issues. This agreement was reached in the 18th meeting of the Joint Working Group (JWG) of the two countries
