India’s GST Council, the highest decision-making body on indirect taxes is likely to consider levying 28% GST on cryptocurrencies. According to sources, the government’s view is to keep cryptos on par with lottery, casinos, betting, and racecourses.
<h2><strong><b>Highest GST Slab of 28% on All Crypto Activities</b></strong></h2>
According to <a href="https://www.cnbctv18.com/cryptocurrency/cryptocurrencies-may-soon-attract-28-gst-like-betting-and-casinos-in-india-13418192.htm" target="_blank" rel="nofollow noopener">CNBC-TV18</a>, the GST Council of India has nominated a law committee to take up the proposal to levy the highest GST slab of 28% on all activities related to cryptocurrencies. The proposal is likely to be tabled in the next GST Council meet, whose date has not been finalized yet.

The <a href="https://www.cryptoknowmics.com/news/indian-government-wants-to-impose-taxes-on-interest-earned-on-cryptocurrencies-via-defi-report" target="_blank" rel="noopener">Indian government</a> has already imposed a 30% income tax on earnings from virtual digital asset transactions from April 1.

However, there are still several aspects pertaining to goods and service tax on cryptocurrencies, per the sources, such as mining, sale and purchase, and their exchange value when used for buying or exchanging goods and services. This matter is under consideration as all such activities may attract GST, according to them

They further added that there are various aspects of cryptocurrencies, the transactions involving cryptos, cryptos being used to make purchases, cryptos being received as payments. All these aspects are under examination and will be discussed by the law committee.

India Considers Levying 28% GST Tax on Cryptocurrencies Like Local Casinos

The GST Council in India, the highest decision-making body on indirect taxes, is likely to consider levying 28% GST on cryptocurrencies.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

India Considers Levying 28% GST Tax on Cryptocurrencies Like Local Casinos

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