#crypto gst

[xenogiri]

Hey @staff fix the app its showing me things I don't like

[mfilterit]

The Menace of Mule Accounts and Fake Gateways offering ‘Money Mule as service’

Mule accounts are bank accounts used to transfer illegal funds, often linked to money laundering schemes, illegal betting gambling sites, Forex trading sites etc. converted to crypto and taken offshore. They pose a significant risk, slipping through the cracks of traditional monitoring systems and enabling cybercriminals to exploit financial operations. 

Use of Mule accounts is violation of Indian tax laws and GST fraud. For instance, betting sites use mule accounts to take bets associated with Indian payment instruments, bank accounts, UPIs, and mobile wallets. This leads to massive tax evasion as this money gets transferred to offshore accounts from these mule accounts of individuals or companies. 

‘Mule’ as service offered by Fake Payment Gateways

mFilterIt mule account monitoring tool leveraging advanced algorithms and tech for swift identification of guaranteed mule accounts. No data is required from banks, we detected mules used by the source itself. Identification of suspicious websites using mule accounts with proof points that guarantee mule accounts.

Read More Fake Gateways offering ‘Money Mule as service’.

[cryptolegal]

Key Questions to Ask When Hiring a Tax Lawyer in India

Hiring a tax lawyer in India is an important decision that can have long-reaching implications for Your future financial well-being. The right tax lawyer can help you solve your problem But in order to choose a good lawyer, you should ask some Important questions. Today, let's see what Step-By-Step asks to consider when thinking about hiring a tax lawyer :

What is your expertise?

Are lawyers trained in tax legislation? It is essential to understand whether the lawyer's specialisations meet your present needs; for instance,, if you have issues with international taxation, then you would want an experienced attorney in this area.

What is your experience?

The lawyer's level of practical experience is a major pointer to his quality. You should ask the lawyer how many years he has been active in the field of tax law and how many similar cases he has handled successfully. An experienced lawyer is more competent in handling your case.

How are the fees for your services determined?

You should understand the fee structure. Ask the lawyer how his fees are assessed: Is it on a fixed amount, hourly, or other basis? It is also important to know whether there might be miscellaneous or outlays.

What types of services do you provide?

Each tax lawyer does different things. It should benefit you to find out what these are. Do they handle: tax planning and structuring TDS compliance GST advice project finance structures or other areas whose regulations are slightly off the beaten path?

Can you prepare a strategy for my case?

If you hire a tax attorney, he can easily give a clear, rational strategy to the case. Ask what kind of plan the lawyer will draw up and what measures they will take to solve your problems.

Have you handled my case before?

It's important to know that the lawyer has handled similar cases before. This ensures that you experience all the complexities and requirements of your case.

Will you be in regular contact with me?

A good lawyer will be in regular contact with you, keeping you informed about the progress of your case. You need to know what the way of contacting the lawyer will be and whether they respond promptly to your questions.

What do your client reviews and references say?

Good lawyers usually have good client reviews and references. You can look at these reviews and references to know the qualifications and professional capability of a lawyer.

Can you present the case in court?

If your case requires court involvement, it is very important that the lawyer can present the case in court. Make sure the lawyer has the ability to appear and represent in court.

How is your working style and client service?

The working style and customer service of an attorney can influence how you feel about working with them. You should make sure that the way the lawyer works is suitable for you and that they treat you in a professional and helpful manner.

During the search for a reliable tax attorney with years of experience providing advice on how to utilize cryptocurrency laws, we hope that you find Crypto Legal suited to your needs best. We are a professional taxation service provider in Bangalore, Karnataka, India, leading the way in many areas. Our services include tax planning and structuring, project review and tax optimisation, TDS compliance, GST advice and more.

Contact us now, let get you your bills settled right away!

[elytsbranding]

The PPI Data Drop

🔍 What’s the Deal with PPI?

The Producer Price Index measures the average change over time in the selling prices received by domestic producers for their output. Think of it as the canary in the coal mine for inflation. If producers charge more, those costs will eventually reach us, the consumers.

📈 The Forecast: Steady as She Goes

- Headline PPI: Expected to inch up by +0.2% MoM. Nothing dramatic, just a steady climb.

- Core PPI: Also pegged at +0.2% MoM (excluding food and energy). It’s the same story—slow and steady.

🕵️‍♂️ Clues from the Analysts

ZeroHedge:

- All eyes on U.S. inflation data this week, with PPI being a key piece of the puzzle.

- A +0.2% MoM increase suggests stable inflation pressures.

- *Components feeding into the Fed’s core PCE measure might outpace core CPI for the second month in a row.* Translation? Inflation could be stickier than we thought.

Goldman Sachs:

- They’re on the same page with a +0.2% forecast for both headline and core PPI.

- Expect drops in used car prices, airfares, and new car prices, which could help keep overall inflation in check.

💡 Why Should You Care?

The PPI data is a big deal because it can influence the Federal Reserve’s next move. Here’s how different scenarios might play out:

- If PPI Hits the Mark (+0.2%): 

   - Suggests inflation is stabilizing. The Fed might ease off on rate hikes, and markets could breathe a sigh of relief. 📈 Stocks might even get a little boost.

- If PPI Overshoots (>+0.2%): 

   - Uh-oh. Higher-than-expected PPI could mean inflation isn’t going away anytime soon. This might spook the markets, leading to volatility and speculation about more rate hikes. 😬

- If PPI Undershoots (<+0.2%): 

   - Lower-than-expected PPI could signal easing inflation pressures. This might make the Fed more dovish, potentially giving a nice lift to risk assets like stocks and crypto. 🚀

⏰ When’s the Big Reveal?

Mark your calendars! The PPI data drops at 8:30 AM ET (that’s 4:30 PM GST in Dubai). Perfect timing for a post-lunch market check-in if you’re in Dubai!

Final Thoughts

Today’s PPI release is one to watch. With economists predicting a steady +0.2% increase, it’ll be interesting to see how the actual numbers stack up. Whether you’re trading, investing, or just curious about the economic landscape, this data point is a must-watch.

[uionaninuoionion]

Gaming apps converting earnings to crypto, Rs 700 crore moved out of India, reveals GST pro

“Someone asked me what is the best time to invest in India, I told him in my opinion the best time to invest was July 24th, 1991, which is the day Manmohan Singh gave the budget, the index of 1400, the Sensex I believe was around 1400 odd there and that day the cards were open. He knew that India was going to change and go to a better place and subsequent events have proved it completely right. The next best time to invest is today. I mean if you have not invested in India, you gotta start doing it now,” says Ramesh Damani, Member, BSE.

Damani says: “All my predisposition tells me to remain invested, do not get scared by the volatility and I have not been for 30 years, I have always remained almost fully invested in Indian markets, so I do not get scared with the volatility. The best is yet to come.”

What a delight to have you on ET now. Thank you for joining us. It is always a pleasure to be with you and thank you so much for the very kind words. And I will say learn to be bullish in India, I learned from our common friend Rakesh Jhunjhunwala and my mentor RK Damani. They are the ones who taught me that India is a growth country. It is so populated and so there is only upside. I owe a lot of debt to those two people at least.

To be fair, you have always identified mega trends. And before the world started using the word mega trends, you started practicing the whole thesis of looking at the big picture and then identifying companies within that. Yes absolutely right. I tried to do that. When I came back in the late 80s to India, the mega trend was cement shares. It was actually morphed by what was called the liberalization trend that was taking place in India. After that, I realized the big money is made in the big swing and you need to identify the big swing. So we were very lucky we got the 2000 technology trend right. And then I tried to follow each bull market and try to spot the leadership in this bull market.

I have been at somewhat of a thought process trying to figure out how to label this bull market that started. You know how we label this bull market? I finally had what you call eponymy moment which says that the label would have caused the growth of the great Indian middle class. I think that is going to be a great story. The new book out which I would recommend. I have not read it yet but I have ordered it is by Homi Kharas called The Middle Class. A lot of my ideas are from there.

He says that it is the middle class that started in England in the 18th-19th century that is shaping our world today. And he says that out of a population of about 8 billion 4 to 5 billion are now in the middle class. And the maximum number of middle class are coming from India rather than from places like America. So that is going to be a major trend because the middle class is roughly defined as having a PPP purchasing power parity of about $12 per day which is significantly above the poverty level of $2 a day.

That means at that point they can save, they can invest, educate, travel and do a number of things. And what we are seeing perhaps in India is the beginning of a hockey stick curve as our per capita has gone over $2,500 and the middle class expanded quite handsomely. They are now demanding action on things from climate change, to travel, to better education, to better living standards. That will be the mega trend which is not only shaping this bull market but also the society around us.

What is right and wrong in this market? We can argue both ways. What is your assessment? Well you know I think there is much to be right in this market. I think the last few days we have seen a significant fall in the market. I think we have added, if I am not mistaken, about 13 crore demat accounts in India, a majority of which have come in the last three years. All of them have been uniformly optimistic which is good. But they are getting a lesson to understand exhibits in the market, the difference between what I call risk and volatility.

Risk is the choice of permanent loss of capital which is very dangerous and you do not want to be in that situation. Volatility is what happened yesterday and what happened the day before yesterday and what will keep on happening in the markets. That market is correct. The next 2,000 points on the Sensex can be up and down. Nobody knows what is going to happen. Maybe an astrologer can say what will happen. But my strong feeling is that the next 20,000 points on the Sensex are higher because of the unfolding demographics, digitization and democracy that has taken root in India. So I feel that there is a lot that is going on right with this market.

What is going wrong in the market? A bull market like this will always lead to excesses, to overstretched valuations and will lead to unnecessary confidence and sometimes regulatory changes that are important or regulation changes that are important being pushed aside because the market is doing so well. We hope those mistakes do not happen. But there is a lot to be thankful for and a lot to be looking forward to being optimistic over the next few years rather than being pessimistic.

How are you approaching this market, are you fully invested? Yes, I am fully invested. I barely have any cash which is rare for me. Typically, I go in with 5-10% cash into the bull market but as I have aged and matured, I have been more confident putting all the money on the table and letting the risk come where it will. I feel there is good reason for optimism and one of the sectors that I called this time was of course the public sector stocks and they have had a brilliant run out there.

We need to give credit to the Modi government that the public sector, which was one of the drags on the Indian economy, has turned around. The people in DIPAM are really on top of the game. For the first time they are doing an OFS and the prices go sharply higher after the OFS, you know, so the fall is very temporary in those prices. I think the debate that PSUs should be privatized or value will not be unlocked has now receded. We are fine if these companies are so well managed.

One very important thing that people missed in the stock market was that a) the government would use these public sector units as the blunt edge for capital expansion and b) that they were telling them that you have to pay 30% of its dividends.

Two, three years ago, you were getting these companies on today's earnings and at a 7-8% yield which is an extraordinary bonanza the investors got early. So, it has been a good place and I am very clear, including after what the prime minister said in the Parliament and I am sure you noticed that. Basically, the Prime Minister of India going on the floor or well of Parliament and saying a bullish case of public sector in stocks, when did that happen? It has never happened before. So we were ecstatic when the prime minister did that.

It was in mid-August sometime and so my personal feeling is that the leadership is very much intact with the public sector stocks. They probably have a large-ish way to go still because typically, in the bull market leadership, the stocks go up 10x 20x after some point. So I would remain invested in good quality businesses.

The aggregate market cap for PSUs including LIC and some new IPOs is up 3x, that is aggregate market cap. It has been a phenomenal run and plus you got so much dividend out of it. I mean you were getting these stocks basically at 4-5% yield and with a certainty of an order book, it is not that the order books were speculative. We knew the order books for the next five years. So, I think there was a whole debate which I think was wrongly conceived in the stock market last year that you buy quality at any price and, of course, that is a mislead, you cannot buy quality at any price. There is a price that you pay will reduce your investment returns without doubt and I think the people who stuck to finding value investing and trying to find value irrespective of the PSU, smallcap, largecaps, did well.

So, if you look at some of the exchanges, the major exchanges remain stable where the unloved exchanges went up. The FMCG and the private banks did not do well. The PSU banks did so well. So, the market noted the cheapness of those particular sectors and rewarded those who bet on that sector very handsomely and I have been lucky in that.

Within that you identified railways. You have gone on record and you have said that you bought into the railway PSU basket, less of defence and more of railways. Not true. Actually, my first bet was on defence and second was on railways.

But you bought both. I bought both and I bought both with – not conviction but I just felt that they were too cheap. I bought all the defence companies. Some of them are extraordinary businesses and they continue to do well and what has happened is that we have gone from importing a lot of the stuff to making the stuff ourselves and now we are exporting it.

Look at the number of orders that say a company like Bharat Dynamics is getting or Hindustan Aeronautics is getting. An extraordinary shift has taken place. So, if you ask me within the PSU sector where is the leadership? I would say it is in the defence.

Also read | Mutual funds join multi-billion dollar PSU rally, eye 2014 record in election year And you think that one should look at these stocks barring the volatility which could happen 10-15-20% nobody knows, but the leadership sector you think is with PSUs as a bracket and within that, defence and railways could be subparts? I think so and I mean just to point out there is a lot of talk about the PSUs over many years and I just wish your people who come on the show and speak folios there, see a company like Bharat Electronics which I own and I am not recommending in any way or form other than educating the public about it.

We bought the stock maybe in the early 2000 at Rs 300-crore market cap. It is Rs 1,30,000-crore mcap right now. The dividend itself compounded at some 18-20% something silly. So, they have delivered some superior returns and they never diluted the equity, that is the most important thing I find. They have never diluted with equity in the 30 years they have been listed, they have never diluted with equity, which Indian companies can you say have not done that, even Infosys diluted with equity multiple times. So, an extraordinary business run extraordinarily well. I think some of the criticism has been misplaced.

People who criticised them, loved them altogether without trying to do what a stock picker should do or a good value investor, that is judge each individual company on its merit. I think they are paying the price for that.

Why do you think these things happen? I mean if the market cap was so cheap, if it was a government backed business, dividend yield was so strong, the same thing happened to let us say PFC-REC. Why do markets ignore them? It is a case of throwing the baby out with the bathwater. A lot of what is called herd mentality. Sometime in the mid-2000, the mantra became very popular in the stock market, quality at any price. We want good capital allocation. There is a very well-known author I met recently called Pulak Prasad and I respect him for he has done a fabulous job…

The book is fantastic actually. Yes, book is fantastic – What I learned from Darwin. He said I will never invest in the public sector but then he was honest to say that I don’t want to invest in a MNC also because both are very poor capital allocators.

Even conglomerates. He said I have never bought Tata or Birlas. So, I appreciate that at least he had the intellectual honesty to say that I do not want to go to a bad capital allocator. MNCs will also not do it in your best interest. I really appreciate that. But most people just want to throw the baby out of the bathwater because we made a lot of money in the first round of the PSU divestment. So, we were familiar with these companies.

We understood valuations out there and there was a period we did not make any money from them. But again it has come back. So, the market has to have the cyclicality and up and down trajectory that goes through. I think people who in 2000 said only invest in tech in India or people who said I only invest in high-quality business, pay the price. The market is not a place for the arrogant. It is a place for the humble.

In markets mean reversion is the biggest truism they always say that. Excesses always get created on the upside, on the downside. Where do you think markets are mispricing growth on the upside, that they are pricing a cherry consensus and where do you think they are still ignoring the potential of the business or the value of the company? It is a very difficult question. I do not know all that because I am a stock picker. I try to look bottom. Having said that, would I want to remain fully invested? Corrections have started, maybe it is coming, maybe it is right there. I think yes, I do not see any signs that I normally would see in a top. We do see some size in the reckless capital expansion, the QIPs, the response to public issues, something out there but for the first time, we are also getting three crore new investors coming in.

Every morning the market opens and Rs 1,500 crore is ready waiting to be invested. So, that is a sea chain that is happening. Some of the tops that we see in the market in terms of over leveraged companies or too much debt or too shaky corporate earnings; I do not see that yet. So, I am willing to tell you that what we are witnessing now is volatility and that is the nature of the market.

Charlie Munger recently passed away. He was asked the same question. He said in his lifetime of 40-50 years of being with Berkshire Hathaway, Berkshire Hathaway corrected three times of 50% each because he said that is the nature of the market. We cannot deal with it. You are not going to make money in life, okay. Risk is what I said is the chance that I can permanently lose capital, that I buy a business that goes bust. There have been a lot of businesses that went bust in India also, in the 2000 the tech boom I can rattle off names.

So, you want to avoid that kind of situation for any time in the portfolio and that can happen even in a good market that stocks can actually go bust. So, we do not want to get into that. A lot of people do option trading which is a zero-sum game. You probably want to scale down on that because it might be easy money but when you lose, you can lose almost the entire fortune in that, and I would be very careful of that.

But there are very good high quality businesses in India whether it was the public sector stocks, that BPO businesses, the IMEC corridors that we are talking about which will generate returns and do well for the customers over many-many years to come and if you are young in India and you are looking in the next 30 years, you need to invest.

Someone asked me what is the best time to invest in India, I told him in my opinion the best time to invest was July 24th, 1991, which is the day Manmohan Singh gave the budget, the index of 1400, the Sensex I believe was around 1400 odd there and that day the cards were open. He knew that India was going to change and go to a better place and subsequent events have proved it completely right. The next best time to invest is today. I mean if you have not invested in India, you gotta start doing it now.

I mean when they are going to do it and look at it for a period of 5-10-20-year period, do not look at it from the next five days which as I said could be extremely volatile and you could lose a lot of money out there. But if you keep the faith, buy high quality business with good cash flows, you are going to come out ahead in this business.

I will sound very repetitive with this one but it is important that we just get your views again. If you weigh prices and risk and the market dynamics, the sliver of the market may be expensive which always is the case but by and large, if you do a health checkup, the diagnosis of the market, you do not think there is a bubble or there is a mania in the market, one should remain fully invested. Absolutely not.

I am asking it point blank. Yes, I mean the point blank and I know I can be wrong with these kinds of things. You know markets live forward but understood backwards, so you do that. But all my predisposition tells me to remain invested, do not get scared by the volatility and I have not been for 30 years, I have always remained almost fully invested in Indian markets, so I do not get scared with the volatility. The best is yet to come.

Maybe India cannot double in three years, maybe it can double in four years’ time, but it is still the best place for a young Indian to be. I am not a young Indian anymore, I am reaching senior citizen level, but for a young Indian, if you are 30-35 years starting out, where are you going to put the money? I mean you cannot put it in gold or cryptocurrency. It is a dud’s game to do, it is the mugs game in my opinion to do it. You need to put in equity which generates some returns for you, gives you some dividend and allows you to build your wealth, just like my generation built the wealth.

As I told you in 1991 when we started the index was 1500. It is closer to 75,000 now. Look at the journey that has taken place. You made 30-40x on the index, imagine if you pick stocks how well you must have done during that period. So, I think given the sweet spot that India is in terms of its democracy, in terms of its demographics, in terms of digitisation that is helping and the growing middle class in India. I mean 500 million people will be in the Indian middle class by 2030. That is an extraordinary development taking place and we are going to witness what a lot of economists call a J curve once India's economy, per capita goes over $2,500-3,000. In that there will be a wide dispersion with people earning $10,000-15,000, the average is 3000, but a lot of people are above that number and that is going to power growth for a number of years to come.

Demographically as you know we are the best positioned country in the world. China's population is projected to grow over the next 30-50 years from 1.4 billion to 800 million. That is the kind of demographic disaster Korea, Japan, Italy and China are facing. India’s population is still growing and still young, so the next 20-30 years we do not have a problem.

[dailyreportonline]

Binance Reaffirms Commitment to Indian Laws Following Significant GST Notice | Daily Reports Online

Binance is currently staring at a GST payment of Rs. 772 crore in India. In an official statement shared with Gadgets360, the crypto exchange once again repeated its intentions of striving to comply with Indian laws after this fresh run-in with the country’s Directorate General of GST Intelligence (DGGI). Earlier this year, the exchange was temporarily suspended in India for not being a…

[coinguitar]

Binance Faces $86M GST Tax Demand from India

The Indian government’s stance on cryptocurrency continues to evolve, with a recent move raising the stakes for offshore crypto exchanges. Law enforcement agencies in India have demanded a hefty $86 million (722 crore Indian rupees) in unpaid taxes from crypto giant Binance. This development comes after Binance’s attempt to re-enter the Indian market in April 2024. Following a ban in January for…

[uniquedatabasecoin]

DGCI sends Rs 722 crore GST notice to world's largest crypto exchange

Pan India HNI database http://goo.gl/sh5Q5V http://dlvr.it/TBXyTx

[accountantsau]

The Importance of Personal Tax Accountants for Effective Financial Planning

For the majority of firms and individuals, accounting and taxation is essential to both improved planning and day-to-day operational maintenance. Personal tax accountants help with filing of tax return and in addition to providing accounting services, expert accountants can guarantee the correct completion of several financial tasks that are necessary for companies. Small companies typically lack the means to engage full-time, qualified accountants, and doing so is not advised because such tasks may be performed by professional bookkeeping and accounting organisations much efficiently.

A List of Some Services Provided by Expert Accounting and Bookkeeping Firms

Tax Services: Since foreign nationals must file an Australian tax return for the year they depart the country, they can handle expat tax filing with confidence if they use the experience of accounting firms. Crypto tax filing company help with filling taxation for both traders and investors. Experts may assist with comprehending one's tax responsibilities as well as adjustments to social security, pensions, and superannuation. Experts also assist in comprehending how different international tax treaties might lawfully lower taxes.

Payroll Services: Professional accounting and bookkeeping organisations offer full payroll processing services. Payroll services are a crucial function for businesses in Australia. With the aid of these companies, one can obtain comprehensive payslips and reports for their employees, and professionals make sure that the appropriate deductions, leave entitlements, and salary deductions are made. These companies handle employee gross and net pay, PAYG and superannuation contributions, as well as other compliance-related tasks such state payroll tax, etc.

Late Tax Return: In Australia, filing a tax return beyond the deadline can cause serious problems for both individuals and corporations. A formal default assessment warning letter may even be issued. Experts can assist with the old tax return filing procedure and guarantee correct compliance with the Australian Tax Office.

GST Management: Expert accounting and bookkeeping firms offer specific services, such as guidance on GST registration, to ensure adherence to Goods and Services Tax (GST) regulations. They guarantee that businesses charge customers the correct amount of GST and reimburse them via BAS statements.

When it comes to taxes, it is wise to consult with specialists and businesses that specialise in handling financial, bookkeeping, and tax-related matters. Connect with the top providers of these services to schedule a face-to-face meeting.    

Source

[fullstack1]

Navigating Crypto Tax in Australia: What You Need to Know

As cryptocurrency continues to gain popularity in Australia, understanding the tax implications is essential. Crypto tax regulations in Australia can be complex, with guidelines provided by the Australian Taxation Office (ATO). Individuals and businesses involved in crypto transactions need to consider factors such as capital gains tax, income tax, and GST.

When it comes to capital gains tax (CGT), profits made from selling or exchanging cryptocurrency are typically subject to taxation. The ATO considers cryptocurrency as property, and CGT applies to any capital gain resulting from the disposal of cryptocurrency.

Navigating crypto tax in Australia requires diligence and understanding of tax laws. Consulting with a tax professional experienced in cryptocurrency taxation can provide invaluable guidance and ensure compliance with regulations. Stay informed and proactive to manage your crypto tax obligations effectively.

[icodesk]

Crypto Profits and Taxes: What Indian Investor Needs to Know | ICODesk

Decoding Crypto Profits: A Comprehensive Guide to Taxes for Indian Investors

The world of cryptocurrency investing offers exciting opportunities but comes with the responsibility of understanding and managing taxes. As an Indian investor, it is important to know the tax implications associated with crypto profits. In this guide, we explore what Indian investors need to know about the taxation of cryptocurrency gains and how to navigate this aspect in the rapidly evolving digital asset landscape. 

Understanding Crypto Profits:

Cryptocurrency profits are derived from a variety of uses, including trading, mining, and investing in initial coin offerings (ICOs). Tracking and documenting all transactions is essential to accurately calculate profitability.

Taxation of Cryptocurrency Gains in India:

The Indian government treats cryptocurrency as a taxable currency. Gains from crypto transactions fall under the category of capital gains. Short-term gain (STCG) applies if the holding period is less than 36 months, while long-term gain (LTCG) applies to deposits exceeding 36 months.

Classification of capital gains:

Short-term capital gains (STCG): taxable at the investor’s applicable income tax bracket.

Long-term gain (LTCG): 20% tax, plus indexation gain.

Tax implications for cryptocurrency traders:

Traders engaged in buying and selling conventional cryptocurrencies are considered to be engaged in trading activities. Profits from such businesses are treated as business income and are subject to ordinary income tax as a merchant.

Crypto Transaction Report:

Indian investors should proactively declare their cryptocurrency transactions during income tax filing. Platforms such as cryptocurrency exchanges and wallets can provide transaction history, which should be used for accurate reporting.

Goods and Services Tax (GST):

Currently, cryptocurrencies are not subject to GST in India. However, transactions involving crypto transactions, such as currency exchange, may attract GST.

Seeking Professional Advice:

Given the complexity of cryptocurrency taxes, seeking advice from a tax professional or chartered accountant who specializes in dealing with digital assets can help ensure compliance with Indian tax laws.

Educate yourself on legislative changes:

The legal process for cryptocurrencies is dynamic. Indian investors must be informed of any changes in legislation that may affect the taxation of crypto assets.

Record Keeping and Documentation:

Keep detailed records of all cryptocurrency transactions, including buying and selling dates, amounts, and prices. Maintaining proper records is critical for appropriate tax reporting.

Future Development and Compliance:

Check back regularly for updates on cryptocurrency regulations in India. Complying with tax laws and adapting exchanges ensures a smooth and legal crypto investment journey.

For more updates: Visit: https://icodesk.io/ 

[thxnews]

Crypto Tax Evasion: UK Leads Worldwide

  Leading the Charge Against Offshore Tax Evasion

In an unprecedented move, the United Kingdom, on November 10, 2023, has forged a historic joint statement with 48 nations to confront criminals exploiting crypto-assets for tax evasion, potentially recouping billions in lost revenue. This groundbreaking initiative marks the UK's pioneering role in a global commitment to combat offshore crypto tax evasion.   Minister Atkins Commends International Cooperation Victoria Atkins, the Financial Secretary to the Treasury, commended the international collaboration that aims to close gaps in the global tax system. Speaking about the monumental agreement, she expressed optimism about recouping hundreds of millions of pounds in lost revenue through this joint effort.  

Building on the G20/OECD Global Tax Deal

This landmark agreement follows the UK's leadership in the historic G20/OECD global tax deal established in 2021. The previous deal focused on curbing corporate tax avoidance, ensuring that taxes are paid in the appropriate jurisdictions.   Introducing the Crypto-Asset Reporting Framework (CARF) At the forefront of this initiative is the Crypto-Asset Reporting Framework (CARF), the OECD's latest flagship tax transparency standard. Spearheaded by the UK, CARF mandates that crypto platforms share taxpayer information with tax authorities, a practice not currently in place. This ensures that tax authorities can exchange vital information to enforce tax compliance. The CARF is slated to take effect by 2027, signaling a significant step towards combating offshore tax evasion.  

Financial Secretary Atkins Affirms UK Leadership

Financial Secretary Victoria Atkins expressed pride in the UK's leadership in addressing global tax evasion. She emphasized securing essential revenue for public services and sent a strong message that criminals cannot exploit crypto to evade their fair share of taxes.   CARF and the Global Crypto Market The CARF builds upon the OECD's Common Reporting Standard (CRS), a successful system established in 2014 for tax authorities to share information on traditional financial assets. With nearly £100 billion in additional tax revenue recovered, the CRS has been instrumental in combating offshore tax evasion. Experts consider the new framework essential for countering escalating tax avoidance in the rapidly growing global crypto market, where estimates indicate non-compliance on crypto-asset holdings ranging from 55% to 95%.   The Global Challenge of Corporate Crypto Tax Evasion Cryptocurrency tax evasion is a mounting issue worldwide, with corporations increasingly using crypto assets to conceal income and avoid taxes. The exact extent remains unknown, but estimates suggest it could be in the tens of billions of dollars annually. Some of the most common methods of corporate cryptocurrency tax evasion include using offshore exchanges and wallets to hide crypto assets from tax authorities, employing crypto assets for transactions with entities not subject to tax reporting requirements, and engaging in wash trading to create artificial capital losses.   Challenges in Developing Countries Cryptocurrency tax evasion poses particular challenges in developing countries, where weak tax enforcement and limited awareness amplify associated risks. Governments globally are taking steps to address corporate cryptocurrency tax evasion, but tracking and enforcing compliance in the crypto space remains challenging.   Recent Corporate Crypto Tax Evasion Cases Here are some specific examples of recent corporate cryptocurrency tax evasion cases that underline the growing scale and sophistication of the issue: - In 2023, Indian tax authorities seized nearly $0.5 billion in evaded GST from local cryptocurrency exchanges. - In 2022, the UK's HMRC seized crypto assets and NFTs intended for use in a VAT fraud scheme. - In 2021, the US Department of Justice charged a group with operating a cryptocurrency exchange used for money laundering and tax evasion. These cases highlight the urgency of the global effort led by the UK to combat corporate cryptocurrency tax evasion and secure essential revenue for public services. The Crypto-Asset Reporting Framework's implementation is poised to take a pivotal step in curbing this escalating issue by fostering international collaboration and transparency.   Sources: THX News & HM Treasury. Read the full article

[smcpa]

Cryptocurrency and Business Taxes: Navigating the Digital Currency Landscape

In recent years, cryptocurrencies have revolutionized the world of finance, offering new opportunities for investment and transactions. Businesses have not been left behind in this digital currency revolution, and many have started to embrace cryptocurrencies as a form of payment or investment. However, this shift towards using cryptocurrencies for business transactions has brought about a new set of challenges, particularly in the realm of income tax for businesses. 🚀💰

At Plaza 3, 2000 Argentia Rd, Suite #400, Mississauga, ON L5N 1V9, we understand the complexities surrounding cryptocurrency and business taxes. Here, we will explore how businesses can navigate the digital currency landscape while ensuring compliance with income tax regulations. 💼💸

Understanding Cryptocurrency as Income

The first step in navigating the cryptocurrency landscape for businesses is to understand that the Canada Revenue Agency (CRA) considers cryptocurrencies as a taxable form of income. This means that any transactions involving cryptocurrencies are subject to income tax just like any other source of income for your business. 📊💳

Record Keeping and Reporting

Maintaining accurate records of your cryptocurrency transactions is crucial. Businesses should keep detailed records of each transaction, including the date, amount, type of cryptocurrency, and the parties involved. Having organized records will make it easier to report your income and pay the appropriate taxes. 🗂️📝

Tax Implications of Cryptocurrency Transactions

Different types of cryptocurrency transactions have varying tax implications for businesses. Here are some common scenarios:

Buying and Holding: If your business purchases cryptocurrency as an investment and holds it, any capital gains made when you sell the cryptocurrency will be subject to capital gains tax. The tax rate depends on your business structure and the amount of time the cryptocurrency was held.

Payment for Goods and Services: When your business accepts cryptocurrency as payment for goods or services, the value of the cryptocurrency at the time of the transaction is considered as income. This income must be reported and taxed accordingly.

Mining and Staking: If your business is involved in cryptocurrency mining or staking, the coins earned through these activities are considered income and are subject to taxation.

Crypto-to-Crypto Transactions: Exchanging one cryptocurrency for another is considered a taxable event. The capital gain or loss from such transactions needs to be reported.

GST/HST Implications

In addition to income tax, businesses that accept cryptocurrency payments may also need to consider the Goods and Services Tax/Harmonized Sales Tax (GST/HST). The CRA has specific guidelines on how these taxes should be applied to cryptocurrency transactions, so it's crucial to understand and comply with these regulations.

The Importance of Seeking Professional Advice

Navigating the cryptocurrency landscape when it comes to income tax for businesses can be complex. It's essential to seek the guidance of a qualified tax professional who can provide expert advice and help you ensure compliance with the ever-evolving tax laws. Our team at Plaza 3, Mississauga, is here to help you understand and manage your tax obligations when dealing with cryptocurrency. 📈💡

Tax Planning Strategies

To mitigate the tax burden associated with cryptocurrency transactions, businesses can employ various tax planning strategies. For instance, keeping track of capital losses, using tax credits, or making contributions to registered retirement savings plans (RRSPs) can help reduce your overall tax liability. A tax professional can assist in implementing these strategies effectively. 💼💹

Conclusion

The use of cryptocurrencies in business transactions is becoming increasingly common, but it's essential for businesses to navigate the associated tax landscape carefully. Income tax for businesses involving cryptocurrencies is a complex matter, and understanding the implications of different transactions is crucial for compliance with tax regulations.

At Plaza 3, 2000 Argentia Rd, Suite #400, Mississauga, ON L5N 1V9, we are dedicated to helping businesses navigate the digital currency landscape and stay in compliance with income tax regulations. If you have questions or need expert guidance on cryptocurrency and business taxes, please feel free to contact us at 416-821-3624 or via email at info@smcpapc.ca. Our team of tax professionals is here to assist you every step of the way. 💼💎📊

Remember, staying informed and seeking professional advice is the key to successfully managing your cryptocurrency-related tax obligations. 💰📚

[elytsbranding]

Market Update

The PPI Data Drop

🔍 What’s the Deal with PPI?

The Producer Price Index measures the average change over time in the selling prices received by domestic producers for their output. Think of it as the canary in the coal mine for inflation. If producers charge more, those costs will eventually reach us, the consumers.

📈 The Forecast: Steady as She Goes

- Headline PPI: Expected to inch up by +0.2% MoM. Nothing dramatic, just a steady climb.

- Core PPI: Also pegged at +0.2% MoM (excluding food and energy). It’s the same story—slow and steady.

🕵️‍♂️ Clues from the Analysts

ZeroHedge:

- All eyes on U.S. inflation data this week, with PPI being a key piece of the puzzle.

- A +0.2% MoM increase suggests stable inflation pressures.

- *Components feeding into the Fed’s core PCE measure might outpace core CPI for the second month in a row.* Translation? Inflation could be stickier than we thought.

Goldman Sachs:

- They’re on the same page with a +0.2% forecast for both headline and core PPI.

- Expect drops in used car prices, airfares, and new car prices, which could help keep overall inflation in check.

💡 Why Should You Care?

The PPI data is a big deal because it can influence the Federal Reserve’s next move. Here’s how different scenarios might play out:

- If PPI Hits the Mark (+0.2%): 

   - Suggests inflation is stabilizing. The Fed might ease off on rate hikes, and markets could breathe a sigh of relief. 📈 Stocks might even get a little boost.

- If PPI Overshoots (>+0.2%): 

   - Uh-oh. Higher-than-expected PPI could mean inflation isn’t going away anytime soon. This might spook the markets, leading to volatility and speculation about more rate hikes. 😬

- If PPI Undershoots (<+0.2%): 

   - Lower-than-expected PPI could signal easing inflation pressures. This might make the Fed more dovish, potentially giving a nice lift to risk assets like stocks and crypto. 🚀

⏰ When’s the Big Reveal?

Mark your calendars! The PPI data drops at 8:30 AM ET (that’s 4:30 PM GST in Dubai). Perfect timing for a post-lunch market check-in if you’re in Dubai!

Final Thoughts

Today’s PPI release is one to watch. With economists predicting a steady +0.2% increase, it’ll be interesting to see how the actual numbers stack up. Whether you’re trading, investing, or just curious about the economic landscape, this data point is a must-watch.

[bergtlaw]

🌟 Bergt Law at Token Summit 2023: A Confluence of Innovation, Regulation, and Networking 🌟 Bergt Law had the honor of attending the Token Summit 2023, Vaduz, #Liechtenstein an event that brought together thought leaders, policymakers, and industry experts to discuss the future of Markets in Crypto Assets Regulation (#MiCAR) and blockchain technology. 🎙️ Inspiring Words from Dr. Clara Guerra: One of the highlights of the event was the enlightening speech by Dr. Clara Guerra, Head of Financial Market Innovation and Digitalisation in Liechtenstein. Her insights into Liechtenstein's state innovation and regulation were not only thought-provoking but also indicative of the transformative power of digital technologies in shaping the financial markets. 🤝 Networking: A Melting Pot of Ideas Our team had the incredible opportunity to network with industry stalwarts such as Johannes Wirtz, LL.M. (London) from Bird & Bird Frankfurt, representatives from Grant Thornton Switzerland/Liechtenstein, Bank Frick, Floin, Thomas Helbig, Monty Metzger of LCX, Samaksh Wangnoo, Gunnar Steger of GST Network AG, Nicolas Graber of Graber Advisory Anstalt, Janina Pietrowska, and many more. Each interaction was a step toward fostering collaborative relationships and understanding the multifaceted challenges and opportunities in the crypto and blockchain space. 🔗 Sustainable Legal Solutions for a Digital Future As advocates of sophisticated and sustainable legal solutions for everyone, we are excited about the prospects that MiCAR and blockchain technology hold for creating a more accessible, equitable and efficient financial ecosystem. 👉 Stay tuned for more updates and insights from Bergt Law as we continue to navigate the evolving landscape of crypto assets and digital innovation. #TokenSummit2023 #MiCAR #Blockchain #Innovation #Networking #BergtLaw

[dailyreportonline]

Binance Served Notice for Rs. 772 Crore in GST Charges by DGGI in India | Daily Reports Online

Binance, touted as the largest crypto exchange in the world, has been issued a notice in India, demanding a Goods and Services Tax (GST) payment of Rs. 772 crore (roughly $92 million). The Ahmedabad zonal unit of India’s Directorate General of GST Intelligence (DGGI) is the authority that has issued this notice to the multi-national crypto exchange. While an official statement from the government…