India plans to impose 28% GST on cryptocurrencies
Crypto investors in India have been having a hard time recently, with authorities pushing for increased taxation of these blockchain-based assets. Additionally, as per a report from CNBC, the Goods and Service Tax (GST) Council plans to implement 28% GST on cryptocurrency investment.
Crypto investment same as casino and gambling?
Being the second-largest internet market, India has gained a huge number of cryptocurrency investors, and it can also be confirmed that currently, there are no laws regulating the market. However, after the passing of the official crypto taxation bill on April 1, 2022, a 1% TDS on every transaction followed by another 30% tax on profits has been implemented, as noted by Cryptonary.As per recent development, the GST Council has nominated a law committee whose task would be to take up the proposal to impose around 28% Goods and Services Tax on cryptocurrency investment in the nation. The authorities in India plan to bring crypto investment under the same umbrella as lotteries, casinos, race course, and betting.
"There are various aspects of cryptocurrencies – the transactions involving cryptos, cryptos being used to make purchases, cryptos being received as payments. All these aspects are under examination and will be discussed by the law committee," sources told CNBC.
What about Crypto exchanges operating in India?
The sources for CNBC said that currently, crypto exchanges in India are considered intermediaries as they "sell cryptos from foreign exchanges to people in India. So, this is a service, and currently, this is at 18 percent GST slab and classified as intermediary service. They will have to be classified separately under a new head, under the list of services," said the sources."So, every transaction will be subject to 28 percent GST, if agreed upon by the GST Council," added the unnamed sources.The proposal will be introduced at the next GST Council meeting in India, while the law committee will examine and discuss the various aspect of cryptocurrencies.
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