In an effort to ensure full compliance with the crypto tax law in India, BRISE has collaborated with KoinX. The latest development will see KoinX integrate BRISE, to allow users of the token to calculate their tax. BRISE made the announcement on Wednesday via its official page on X (formerly Twitter).
According to the announcement, Indian users of BRISE can now integrate their public addresses on KoinX. More so, the integration will allow holders of the token in the region to seamlessly track their portfolio, analyze their PnL, and compute their taxes. Meanwhile, KoinX has made a name for itself in India as an efficient tool for tax calculation.
The tax calculator is popular among cryptocurrency enthusiasts in India. KoinX offers services like real-time market data, in-depth analysis, and reporting. Also, the platform is designed to simplify the lengthy process of generating tax reports. Now, users of BRISE are set to enjoy the utmost security, unequaled speed, and maximum savings on their crypto tax.
Recall that in February, 2022, Prime Minister Narendra Modi’s government announced a 30% tax on crypto profits and the 1% TDS on all transactions. According to government sources, the tax law emanated in an effort to ensure transparency and traceability in the crypto market of India. However, the tax law has backfired as crypto traders in the country have moved their transactions offshore.
According to a report from the New Delhi-based technology policy think tank, Esya Centre, crypto traders have transferred more than $3.8 billion in trading volume from local to international crypto exchanges. Consequently, as of the last quarter of 2023, the exodus has cost the Indian government about $420 million in potential revenue since the tax law came into play.
Sidenote on BRISE
It is worth mentioning that BRISE recorded a massive decrease in its circulating supply after the burning of tax fees on its Binance Smart Chain (BSC) decentralized exchange (DEX) trading. According to a post on its X page on Wednesday, about 134 million BRISE tokens have been burned in the last 12 days. As indicated, the massive reduction is due to the newly enforced permanent lock token burning mechanism.
Likewise, about 12% of the tokens are permanently locked in a smart contract. Furthermore, the exercise is aimed at improving the value of BRISE. According to Coinmarketcap, the token is trading at $0.00000016. In the last 30 days, the token has endured a sharp decline that has inflicted a 19.80% loss on it. Nonetheless, there is rising hope that the token could record a price rally soon.