Bybit Slaps 18% GST on Indian Users, Cranking Up the Heat on Crypto Taxes

New Tax Hits Hard on July 7

Hold onto your wallets, folks! Bybit just dropped a bombshell on Indian crypto enthusiasts, hitting them with an 18% Goods and Services Tax starting today. That's right, from July 7, every service and trading fee you pay on Bybit is getting a hefty GST charge, straight out of your assets. Whether you're into spot trading, margin trading, or messing around with derivatives, this tax is coming for you. Even buying crypto with your bank card, withdrawing your coins, staking, or using Bybit Pay won't save you from this new tax. It's all calculated based on fees or spreads, and you'll see it in your transaction history, clear as day.

Bybit Pulls the Plug on Several Products

But wait, there's more! Bybit isn't just taxing you; they're also yanking several products right out from under Indian users starting July 9. Got a legacy crypto loan? You better settle up by July 17, or Bybit's gonna auto-repay it for you. And if you're a Bybit Card user, forget about new applications—existing cards are getting blocked from new transactions on July 17, and then they're toast. Plus, those handy trading bots you've been using? They're biting the dust on July 9. It's a total shake-up for Indian users.

India's Crypto Tax Nightmare Intensifies

India's already got one of the toughest crypto tax regimes out there, with a 30% capital gains tax on profits and a 1% TDS on every single transaction since 2022. And now, the Income Tax Department's turning up the heat with its "NUDGE" campaign, calling out users left and right for underreporting their crypto income. If your returns don't match what the exchanges are saying, you're in hot water. And get this—no offsetting crypto losses, and no deductions allowed. It's a total nightmare.

The Impact on Indian Crypto Users

With this new 18% GST on service and trading fees, the tax burden on Indian crypto transactions just got even heavier. Over 310,000 active Bybit users in India are feeling the squeeze, and it's got everyone worried about what this means for market participation and user sentiment. Will people keep trading with all these taxes piling up? It's a tough call, and the crypto community is on edge.