HomeBitcoinThe GST Council is considering imposing a 28% tax on Bitcoin and...

The GST Council is considering imposing a 28% tax on Bitcoin and other cryptocurrencies.

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At an upcoming meeting, the Indian Goods and Services Tax Council (GSTC) intends to tax cryptocurrencies up to 28%.
However, this tax proposal makes no recommendations for how the country should manage cryptocurrency.
On the opposite.

The Indian Goods and Services Tax Council (GSTC) should consider imposing a Goods and Services Tax of 28 percent on cryptocurrencies.
This Council is the primary decision-making body in indirect tax affairs.
This report will also need to be approved at a future meeting.

The government’s goal in this scenario would be to tax cryptocurrencies at the same level as lotteries, casinos, or gambling.
It is critical to highlight that this “fiscal” proposal makes no mention of how to regulate cryptocurrencies. On the opposite.

Taxing cryptocurrencies, according to Finance Minister Nirmal Sitharaman, does not make them legal.
Furthermore, according to a source acquainted with the situation:

“The proposal is to soon levy a 28% tax on services and all activities related to cryptocurrencies. The opinion of the law commission will be presented to the adjustment commission, it will then be up to the latter to suggest a rate, which will probably be 28%, and after that, the proposal will be presented to the GST Council for a formal agreement. »

In addition to this new tax on cryptocurrency-related operations, India charges investors up to 30% of their earnings.

Furthermore, even though the country is establishing taxes for this ecosystem, the legal structure for digital assets is still unclear. Meenakshi Jain, a political scientist, stated in this regard:

“The other issue to be resolved is clarity regarding the classification of cryptocurrencies and the method by which tax collection for this industry would be administered. If these issues are not resolved, it may not be wise to set a higher tax rate by treating this sector in the same way as lotteries or betting. »

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