Government Wants Tax But Do Not Want To Provide Facilities

Hi, my friends I hope you are doing fantastic these days and my name is Lucky Ali. Today in this post I want to talk about crypto regulation in India. since last 1.5 years, we have heard lots of statements from the Indian government regarding cryptocurrency. But now it is like, "They were preparing to burst a big firecracker but it got stuck." But they have done their work by monitoring a tool and they have already applied 30% tax and 1% TDS. It seems like the government is on the way to killing the cryptocurrency space.

In this post, I am going to share two updates about the crypto transaction monitoring tool and crypto regulation delay. How these things are going to affect you and you have no benefit from it because regulation is delayed. So let's talk about it.

Darknet Monitoring Tool

According to sources, the Indian government developing a tool that will monitor all the transactions of crypto wallets. And if you are doing transactions and the government does not have any data then they will call you. In another case, if you have filed income tax but you don't mention it, then it will be problematic as well. The government wants a 30% tax at any cost. We want to save tax and find tricks but the government is focused on sensitive things. The government wants that you should not be able to save tax in any way.

So when this tool is developed completely, the information and data will reach to home ministry and finance ministry regularly. So you can say the government created regulation in an indirect way. If they launch this officially and publicly then they must provide facilities to crypto users the government does not want this but they want taxes at any cost. So in this case users are at a loss.

Shutting Door On Crypto For Two Years

Above we have talked about indirect regulation but public statement is different. If they create regulations then they have to provide facilities but they don't want to provide facilities to users, they want tax and they want to monitor crypto transaction. You can say this is the greed of the Indian government. According to a recent Bloomberg report, the government will shut down the door on crypto for 2 years. Now October meeting is important and we have to see what will come out of this meeting I don't think something positive will come so get ready for it.

if you are wondering why the suddenly government dropped the plan of regulation then I want to clarify that the government just wants to earn tax and monitor the transactions. They have done it by that darknet monitoring tool so they can monitor the transaction. Now they are earning 30% tax and also monitoring the crypto transactions then why they will get into regulation trouble? They don't care about crypto users and this is the reality.

Sadly there are many blind followers in India who support this type of worst government. I think there should be a rule like no regulation no tax. If you want to develop the nation then you should have to give a chance to different political parties so that they can fear from public and do their work honestly. Anyway, what do you think about this information let me know in the comment section, and also share this post on social media. Have a good day ahead.

Thank you, everyone.

Lucky Ali

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Posted Using LeoFinance Alpha