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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

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