Crypto Tax Woes in India 🤯

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It appears that the Indian government has decided to take a rather… let’s say, ‘enthusiastic’ approach to taxing cryptocurrency. Bybit, a popular exchange, has announced that it will be applying an 18% Goods and Services Tax (GST) on service and trading fees for all Indian users, starting July 7. Because, you know, 30% capital gains tax and 1% TDS on each transaction just wasn’t enough 🤑.

According to Bybit’s announcement, this new GST charge will be deducted directly from users’ assets across multiple services, including spot and margin trading, derivatives trading, fiat-related transactions, crypto withdrawals, staking, and transfers via Bybit Pay. Because who doesn’t love a good game of ‘tax dodge’? 🎲 The tax is calculated based on fees or spreads, depending on the transaction type, and will be shown in users’ transaction histories, just to rub it in a bit more.

But wait, there’s more! Bybit will also be discontinuing several products for Indian customers starting July 9, because who needs options, anyway? 🤷‍♂️ Legacy crypto loans will be settled by July 17, after which auto repayment will be enforced for any outstanding balances. The Bybit Card will no longer accept new applications, and existing cards will be blocked from new transactions from July 17, followed by deactivation. And, of course, various trading bots will also be terminated on July 9, because why make it easy for people to trade? 🤖

India’s crypto tax regime is already a bit of a… well, let’s just say it’s a ‘challenge’. A 30% capital gains tax on profits and 1% TDS on each transaction since 2022 has made it rather… interesting for crypto enthusiasts. And now, with the additional 18% GST on service and trading fees, the overall tax burden on crypto transactions in India increases even more. One can only wonder what the Indian government’s next move will be. Perhaps a 50% tax on breathing? 👀

Over 310,000 active Indian users on Bybit are expected to be affected by this new tax structure. One can only imagine the joy and excitement they must be feeling. 🎉 After all, who doesn’t love paying more taxes? 🤑

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2025-07-07 13:30