The punitive crypto tax regime forming in India is already shrinking the industry ...Middle East

India’s regressive taxation policy for virtual digital assets (VDAs), in place since April 1, has caused the cryptocurrency industry to contract.Now, the government is reportedly considering 28% goods and services tax on virtual coins. This is at par with the levy on casinos, betting, and lottery.The country taxes up to 30% on earnings from the transfer of crypto asset transactions and non-fungible tokens and deducts 1% as tax at the source of income above a certain threshold. Gifts in crypto and digital assets are also taxed.Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.

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