Government of India sends tax notices to crypto-currency traders and investors
The Government of India has sent tax notices to crypto-currency traders and investors after a nationwide survey.
According to Reuters, the study showed that within 17 months, through trading and other transactions conducted by Indian citizens in the cryptocurrency market, the turnover was $ 3.5 billion. The government also collected data from nine national exchangers. As a result, notifications received tens of thousands of people.
India now expects to increase tax revenues, and also finds out how many people own crypto-currencies and where their accounts are located.
The government of India suspects that crypto-currency traders evade taxes. Last month, the competent state authorities tried to collect all the necessary data to determine such users.
At the same time, the Indian Income Tax Department stated that they are also looking for money laundering cases.
Despite the fact that earlier officials treated bitcoin and other crypto-currencies negatively, the official position of India remains unclear. Various government departments, including the Supreme Court of India, have repeatedly made attempts to clarify the status of the crypto industry in the country. Contrary to these steps, the Government of India has not issued any new rules regarding trade in crypto-currencies.
According to Reuters, the head of the research department of the income tax department B.R. Balakrishnan said that they are not going to wait for official government statements:
“We can not close our eyes to this. It will be a disaster to wait for a final decision on the legitimacy of digital currencies. We found that investors did not declare earnings on crypto-currencies, and in many cases investments were not taken into account. “