Over 54,000 crypto investors have signed a petition urging the Indian government to reconsider a planned 30% tax rate announced earlier this week.
Fast facts
- Blockchain and crypto education provider Crypto India co-founder Aditya Singh started the petition on Thursday to stop the government from comparing crypto to “social evils like betting and gambling.”
- The petition urges the government to make the crypto tax equivalent to that of stocks, reduce the 1% tax deducted at source during liquidation to 0.05%, and allow fees and interest to be considered as tax deductibles.
- The petition also asks the government to allow crypto losses to be offset against other incomes and carried over to the next fiscal year.
- Since the announcement on the crypto tax plan, several investors have expressed their discontent over the rate, but some consider the development as the first step towards regulating crypto.
- Economics affairs secretary Ajay Seth, who is working on the crypto legislation, said on Friday the government is considering all approaches to regulation, including a ban.
