Beginning July 1, 2022, income tax law in India will require income taxes to be paid for the transfer, meaning the sale or exchange, of any virtual digital asset (VDA) such as cryptocurrency. Anyone who purchases cryptocurrency from a buyer located in India will be required to pay a 1% tax on the sale, regardless of where the buyer is located.
This tax isn't collected or remitted by Paxful, as all members of our community are responsible for reporting their income to the appropriate government agencies and paying any applicable taxes. For more information about this change check out our blog post.
If you'd like more information about tax law or your specific circumstances, you'll want to contact a legal or tax professional.
If you need any assistance from our Support team, do not hesitate to contact us. Check out this article on How to Contact Support.