KoinX Launches Crypto Tax Tool for Indian CAs, Aims to Spike Userbase by 400 Percent

KoinX’s new crypto tax tool has been described as a B2B2C — which expands to ‘business-to-business-to-consumer'.

KoinX Launches Crypto Tax Tool for Indian CAs, Aims to Spike Userbase by 400 Percent

Photo Credit: Pixabay/ Darshak Pandya

Born in India, KoinX was launched in 2022

  • The new tool has been launched right before 2023 Budget
  • KoinX aims to plug crypto tax leakages in India
  • KoinX provides automated taxing for crypto assets

KoinX, India-born crypto taxation platform, is aiming at increasing its userbase by 400 percent in 2023. Moving towards its aim, KoinX on Monday, January 9, launched ‘Tax Professionals'. This new tool that will reduce the turnaround time (TAT) by 99 percent for chartered accountants (CAs) to compile and file taxes on crypto profits as levied by the Indian government for native investors of the digital assets. The launch of this tool from KoinX comes right before India gets its refreshed Union Budget in February that could see the crypto sector as an important point of discussion.

The crypto tax tool has been described as a B2B2C — which expands to ‘business-to-business-to-consumer'. B2B2C is an e-commerce platform that allows businesses to help customers via a third party, rather than connecting with them themselves.

The ‘Tax Professionals' feature will allow CAs to gather all their clients on a single dashboard and manage their crypto taxes. Details on the clients' portfolios will be managed for the CAs via this tool.

“Despite the government's crypto-antagonistic attitude, authorities like the Central Board of Direct Taxes (CBDT) are moving swiftly towards recovering taxes as the Union Budget approaches. The introduction of Tax Professionals will potentially plug crypto tax leakages in India,” Punit Agarwal, the CEO and founder of KoinX, said in a statement.

In India, all profits churned from crypto transactions are being taxed at 30 percent since April 2022 and a 1 percent tax deducted at source (TDS) for crypto transactions has also been live in the nation since July.

While these crypto taxes are known to have contributed Rs. 60.46 crore to India's economy between July and December, they did seemingly push Indian investors towards foreign exchanges.

As per a study by Delhi-based think tank Esya Centre, Indian investors shifted $3.8 billion (roughly Rs. 31,300 crore) between February and October last year, to international exchanges.

Pro-crypto organisations in India like Bharat Web3 have requested the government to reconsider these taxes and introduce any possible reductions.

Launched in 2022, KoinX claims to be helping crypto firms like CoinDCX, BitBNS, CoinSwitch, WazirX, Binance, and KuCoin among others, to manage their taxes in India.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, KoinX, Crypto Tax, India
Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Google Messages End-to-End Encryption for Group Chats Rolled Out to Open Beta Testers, Company Says
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »