There is bad news for those in India who are currently investing in cryptocurrencies like Bitcoin or Etherium. The 2022 budget calls for a 30 percent tax on cryptocurrencies. This time, the government said, investors could get another push.
In the 2022 budget, Union Finance Minister Nirmala Sitharaman said that 30 per cent tax would be levied on income from cryptocurrency. This time the government is thinking of imposing 28 percent GST on crypto. It is learned that this decision may be taken at the next meeting of the GST Council.
The government is considering keeping digital currency in the same category as lotteries, casino racecourses and gambling. Although the date of the GST Council meeting has not been announced yet. A new 115BBH section has also been added to the income tax to levy tax on virtual digital assets.
The finance minister further said that imposing tax on cryptocurrency does not mean stopping it in India. GST, in addition to income tax, is also considering deducting 1 percent TDS on a certain amount of cryptocurrency transactions. Giving cryptocurrency as a gift to someone would also be tax deductible.
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In early April, Finance Minister Nirmala Sitharaman told the United States that the acceptance of cryptocurrencies around the world was growing rapidly. This requires global control. It is possible to prevent any kind of money laundering. The finance minister further said that terrorists are being financed through cryptocurrency and it needs to be stopped quickly.
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