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0 sats \ 6 replies \ @Coinsreporter 17 Jun \ parent \ on: Calling all Bitcoiners who are business owners Import_Export
I'm afraid your suppliers aren't telling you the whole story. There are primarily no rules for Bitcoin in India. So, it's not legal, it's also legal.
They have made some taxation rules for Bitcoin and shitcoins ('virtual assets' as they say). And that taxation rule simply says that anyone making profits by selling Bitcoin at any point of time is subject to be taxed a flat 30% on the profits gained. That's all.
There's no mechanism or rule for exchanging Bitcoin to Fiat. So, if you transfer Bitcoin to a supplier and they exchange it immediately in Fiat (shit), there's nothing wrong in that, no tax at all.
TBH, Indian businessmen are very cunning, they don't bother considering anything new if their old system is doing well for them.
I can assume that your supplier should be some very educated person and he must be a third party, not direct manufacturer. That's why he made lame excuses regarding flip-flop from government.
I'm not in the business of cloth but I'm from a place where there are many cotton manufacturers. If you kindly share your requirements in detail with me, I can have a look around and send you some samples first.
My main supplier is an established family owned manufacturer in New Delhi approximately 60+ employees. We have been through a lot together during the last five years pandemic bull shit lock down issues putting many retailers out of business.
They manufacturer 100% Cotton button up shirts and Beach Sarongs.
Currently they do not view using Bitcoin not as a priority.
However in their defense I would not think making a statement "That's why he made lame excuses regarding flip-flop from government". Lame excuses is not their personality.
Hopefully in the near future they will engage accepting Bitcoin.
Thank you for your reply.
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Okay, I understand you have a good relationship with your suppliers but I'm absolutely right about flip-flop by government. Indian government has never ever made a single remark about the legality of Bitcoin. So, why did they they tell you this?
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Wow, really the government never once ever published or discussed their position on the legality of Bitcoin. Then this means your 100% correct they must be misinformed.
Thank you very much for bringing this to my attention,
wow, shocking they never ever made a single remark.
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Find it out if they had ever. All internet is your garden, mate!
The Reserve Bank of India once attempted to stop Bitcoin-fiat exchange for a few months and by the Supreme Court's order they had to resume these services.
Government had been warning people about Bitcoin prior to this order but after this, they had shifted their stance to taxing crypto heavily. That's all.
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Thank you, I appreciate your help.
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Just enter the trades in the books as on the spot cash transactions, problem solved :-)
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