Ah, the sweet taste of bureaucracy 🍰! Indian crypto enthusiasts, rejoice! For on July 7, the benevolent powers that be have decreed an additional 18% GST (Goods and Services Tax) on crypto trading fees. Because, you know, 30% tax on profits and 1% Tax Deducted at Source (TDS) per transaction just wasn’t enough 🤑.
This new “gift” will be applicable to all crypto trading and related service fees, including spot, futures, and copy trading. Because who needs innovation and progress when you can have more taxes, am I right? 🤔
Lost in the Bureaucratic Labyrinth?
Back in May, India’s crypto industry was lobbying to reduce the crypto tax from the existing 30%. But now, with the new GST, that dream seems as elusive as a mirage in the desert 🌀. Industry groups are pointing to recent crypto-friendly policy shifts under the Trump administration in the U.S., urging Indian policymakers to adopt a more supportive regulatory stance. But will they listen? 🤔
The lobby noted that India’s crypto ecosystem, currently valued at $2.5 billion, could expand to $15 billion by 2035 if a more favorable tax and policy environment is introduced. But hey, who needs growth and innovation when you can have more taxes? 🤑
Last week, reports emerged that an Indian politician has proposed weighing the possibility of having a Bitcoin reserve. Because, you know, that’s exactly what India needs – more Bitcoin 🤑. Pradeep Bhandari, the national spokesperson of the BJP, has called on the government to consider launching a pilot program for a strategic Bitcoin reserve, positioning it as a forward-looking step toward strengthening economic resilience.
Bhandari pointed to recent developments, such as the United States exploring a strategic Bitcoin reserve and Bhutan’s state-backed crypto mining efforts, suggesting that global financial dynamics are increasingly shifting toward digital assets. But will India join the party, or will it remain stuck in the bureaucratic labyrinth? 🤔
🇮🇳Starting July 7, 2025, an 18% GST will be added to crypto trading and service fees, including futures, spot, and copy trading.
-> This is on top of the 30% tax on profits and 1% TDS per transaction
-> GST will show up separately in your bills
India now has one of the…
— Kashif Raza (@simplykashif) July 5, 2025
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2025-07-05 18:07