According to the latest news on the agenda India a new crypto tax regulation in preparation.
coming soon GST Council requested to be applied to cryptocurrencies at the meeting 28% service tax ready to be discussed.
According to a recent report, the Goods and Services Tax (GST) Council, India’s top decision-making body on indirect taxes, will discuss the future of indirect taxes.
A legal committee appointed by the GST Council, whose proposal will be submitted to the GST Council for official approval, will consider the idea of charging a 28% GST as soon as possible for services and other activities related to cryptocurrencies.
The date of the proposal has not yet been determined. However, it is expected to be presented at the next GST Council meeting.
It will be remembered that at the beginning of this year Finance Minister Nirmala Sitharaman A 30% tax was proposed on earnings from cryptocurrencies and other assets in the 2022 Union Budget. This last draft copyright, on the other hand, specifically covers Bitcoin.
Uncertainties Continue
On the other hand, the legal status of cryptocurrencies, especially Bitcoin, still remains unclear due to the lack of legislation in India.
However, investors are not interested in cryptocurrencies. Union Budget tax planHe argues that crypto is legalizing crypto trading. But taxing crypto doesn’t make them legitimate, according to Finance Minister Nirmala Sitharaman. This dilemma is also seen as the biggest obstacle to crypto trading in the country.