The establishment of the digital asset tax compliance and portfolio tracking service in India comes after the country outlined a slew of initiatives to capitalise on cryptocurrency gains.
Cointracker- Few facts
. In a statement, CoinTracker said that customers in India can use it to aggregate and reconcile cryptocurrency and non-fungible token (NFT) activity across numerous exchanges and wallets.
. On the company’s website, users in India may track capital gains, prepare tax returns, and see real-time tax bill predictions, according to CoinTracker.
. According to the announcement, this is the company’s first overseas product launch in nearly four years.
. India has imposed a 30% tax on all cryptocurrency revenues from April 1, with a 1% levy on transactions above INR10,000 (about US$129 at current exchange rates) slated to take effect on July 1.
. According to a local media story citing unknown sources, the government is also mulling a factory-gates tax on Indian crypto investors who use overseas exchanges.
Source: Forkast