Indian MP Calls for a 50% Crypto Tax: A "Sucker Punch" for Investors?
A heated debate is brewing in India regarding cryptocurrency taxation. During a live television broadcast of a parliament session, Sushil Kumar Modi, Indian MP, stated that the government should raise taxes on cryptocurrency earnings to 50%. His call has been met with strong reactions from the crypto community, with many labeling it a "sucker punch" for investors.
Modi\'s Assertion: Discouraging Crypto Investment?
Speaking in a parliament sitting as broadcasted on live TV, Modi asserted that taxes on crypto gains be raised to 50% so as to discourage what seems to be a growing trend. He urged that the increased tax would curb the growing interest in digital assets.
Investor Disappointment and Industry Concerns
Local cryptocurrency investors dismissed Member of Parliament Sushil Kumar Modi’s call last week to increase the tax on crypto in India to 50%. Many feel the current tax structure is already restrictive, hindering growth and innovation in the sector. India\'s Crypto Industry Lobbies for Tax Cuts as they eye potential for more investment and participation.
India\'s Crypto Tax Rules: Sticking with the Status Quo?
India has maintained its cryptocurrency tax rules for the 2025/25 budget, despite increasing calls from industry leaders for a reduction in the current rates. This has fueled further uncertainty and frustration within the crypto market. The existing tax structure, coupled with the potential for a 50% tax, could significantly dampen investment activity.
Lobbying for Change: Following Trump\'s Lead?
India’s crypto industry is actively lobbying for reduced taxes, citing the Trump administration’s crypto-friendly measures as a precedent. They hope Prime Minister Narendra Modi’s administration will reconsider the tax structure to foster a more supportive environment for digital assets. The cryptocurrency industry in India has spotted its chance to lobby for more favorable conditions.
What\'s Next for Crypto Tax in India?
The debate surrounding crypto tax in India continues to intensify. While the government has maintained its current stance, pressure from industry leaders and investors is mounting. Whether India will follow the path of increased taxation or adopt a more accommodating approach remains to be seen. The current situation is impacting various cryptocurrencies including 8.50% TRX $0. .11% ADA $0. .