India Considers Imposing 28% GST on All Crypto Transactions: Report
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....
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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....
The Monetary Authority of Singapore (MAS) has told Parliament that the central bank is considering imposing additional restrictions on cryptocurrency trading. They include “placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.”
MAS Considers New Restrictions on Crypto Trading
Tharman Shanmugaratnam, the minister in charge of the Monetary Authority of Singapore (MAS), answered a parliamentary question about the regulation of cryptocurrency Monday.
Murali Pillai, a member of the Singapore Parliament,....
The move is viewed by some as a sign the Indian government is warming up to cryptocurrencies.
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 […]