RE: 50 Crore Fine for WazirX
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What if I dont earn 18% in certain transactions. Do I still have to pay the tax
You are viewing a single comment's thread:
What if I dont earn 18% in certain transactions. Do I still have to pay the tax
Taxation in Crypto is a little complicated but let me give you a short version of it.
If you Invest 1000 INR in Crypto and that Crypto goes up in value to say 10000 INR then you will have to pay taxes on 9000 INR which is your Capital Gains. Then again Capital Gains are categorized into two types Short term capital gains which are taxed at 15% and long-term capital gains which are taxed at 10%. Long-term applies only when you hold your Crypto for over a year.
Now there is another tax for websites like HIVE as we earn HIVE from writing posts the Income from these websites will come under Income Tax and you will be charged according to your Tax Slab. For example you earn 10 lakhs INR per year from such websites than the entire 10 Lakh INR will fall under your Income Tax.
And there is no GST for me as such right? So this GST is applicable to only exchanges as of now right?
GST is applicable only for exchanges or if you operate any business related to crypto. Individuals don't need to go the GST route