India to bring cryptocurrencies under the Goods and Services Tax rule
The GST Tax rule also known as goods and services tax (GST) is a tax on goods and services sold domestically for consumption in India. In a new turn of events, the authorities in the nation are planning to introduce cryptocurrencies under the GST rule, as per a new report from Business Insider.
India steps in to tax crypto
India is ready to introduce cryptocurrencies under the GST law, "so that tax can be levied on the entire value of transactions." Currently, crypto exchanges are taxed around 18% GST on the services that they provide, and these services are categorized under financial services. The report also said that cryptocurrencies are being compared to other forms of investment like lottery, casinos, betting, gambling, and horse racing.Hence, the GST officers in India believe that cryptocurrencies should be taxed like the above-said ventures. The officers also noted that a 3% tax is levied on the overall transaction value of gold and similar could be done with cryptocurrencies in the nation. An official gave a statement on the matter:
There is a clarity needed in regard to levy of GST on cryptocurrencies and whether it has to be levied on the entire value We are seeing whether cryptocurrencies can be classified as goods or services and also removing any doubt on whether it can be called an actionable claim.
Tax levied on the entire transaction
Another tax official from India revealed that the GST levied on the entire transaction of cryptocurrencies will range between 0.1 to 1 percent of the total volume.Discussions are in a nascent stage on the rate of tax, whether it would be 0.1 percent or 1 percent. First, a decision on classification will have to be finalized and then the rate will be discussed.We also noted in another report that the nation is targeting crypto holdings with a tax of 30%. This was put in the annual budget of the nation for 2022-23. This will also be followed by a TDS of 1%.
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