India BJP member Sushil Kumar Modi In his speech today, he requested the government to increase the tax on cryptocurrencies from the current – 30% – rate!
Cryptocurrencies are a form of gambling and Japan, Germany, France and Austria Stating that countries such as Turkey have applied up to 55% tax on this issue, Modi said that the 2000 information technology law should also be prepared to overcome current and future difficulties.
I ask the Minister of Finance to increase the 30 percent tax on cryptocurrencies and to consider this issue in the coming days.
said.
Modi, in addition Cryptocurrency is not a commodity, asset, good or service. argued. He said that cryptocurrencies do not have intrinsic value and, unlike stocks in stock markets, it does not receive support from any company.
Crypto is gambling. It is a form of lottery, a kind of horse race… When you invest money in the stock market, do you know the companies behind them? But do you know the companies behind the cryptocurrency?
Modi asked, adding that Japan imposes 55% taxes on cryptocurrencies, Germany, France and Austria up to 45%, and the USA up to 37%.
Modi noted that only 18 percent GST is applied to the service provider that manages the exchange for the sale of the cryptocurrency. Underlining that crypto is similar to lottery, gambling and horse races, and a 28% tax (GST) is applied to the total transaction value in all these activities, the official stated that the current tax rates should be increased immediately.