India Mulls Imposing 18% Tax on Bitcoin Transactions

The Indian government is reportedly considering imposing a 28% goods and services tax (GST) on all crypto transactions. “Currently tax is levied only on the part of the services provided by crypto exchanges. Subjecting the whole transaction to tax at a higher slab of 28% could give the markets a free fall,” one tax expert warned. Council Mulls Over 28% GST on Crypto Transactions India’s Goods and Services Tax (GST) Council will soon make a decision on whether to expand the scope of applicable transactions and levy a 28% GST on all services and activities....

The Indian government is reportedly mulling over imposing an 18% goods and services tax (GST) on bitcoin transactions. According to the Central Economic Intelligence Bureau, the government could gain Rs 7,200 crore annually from this bitcoin taxation. 18% GST on Bitcoin Trades The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has proposed imposing an 18% goods and services tax (GST) on bitcoin transactions, the Times of India reported Tuesday. The CEIB, which acts as the finance ministry’s think tank, recently conducted a study on levying GST on....

Finance Minister of India, Nirmala Sitharaman has revealed that Reserve Bank Of India insists a ban on cryptocurrency. Despite making their stance on digital asset clear, India continues to seek global collaboration for imposing the ban. The government should come up with clear regulations however, the status of the ban remains murky considering the support […]

Decisions regarding crypto regulations shall not be rushed, says Nirmala Sitharam, the Finance Minister of India. In an interaction at Stanford University, Sitharam flagged concerns over alleged illegal activities and misuse of the digital asset has stated that India shall be thoughtful regarding imposing crypto regulations. Nirmala Sitharam conveyed in the interaction, that; It will […]

An Indian parliament member has warned that imposing a 1% tax deducted at source (TDS) on every crypto transaction will kill the nascent asset class. This tax provision is contained in Finance Bill 2022 which Lok Sabha, the lower house of India’s parliament, has passed. However, India’s finance minister insists that the TDS on crypto transactions is for tracking purposes. Parliament Member Raises Concerns Over 1% TDS on Crypto Transactions Lok Sabha, India’s lower house of parliament, passed Finance Bill 2022 Friday which includes a proposal to tax....