5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-10 | Selina Mathew
The 28% GST will be in addition to the 30% income tax on revenues from crypto asset trades, according to reports.
The goods and services tax (GST) Council is set to discuss slapping a 28 percent tax on cryptocurrencies, which might further depress the attitude of crypto investors in the nation. The suggestion will very certainly be presented at the next GST Council meeting.
The 28% GST will be in addition to the 30% income tax on revenues from crypto asset trades, according to reports.
According to CNBC TV 18, the GST Council has formed a committee to consider the idea to levy a 28 percent GST on all crypto-related services.
Another surprise for the cryptocurrency community in India is the imposition of a 28% GST on cryptocurrencies.
Looking at the taxability of cryptocurrencies under the Direct Tax implemented this year, Ankur Gupta, Practice Leader (Indirect Tax), SW India, believes it is just a matter of time before the taxability under GST goes from 18 percent to 28 percent. Now that it has been added to the agenda for the next council meeting, it should go through smoothly.
When these cryptos are manifested, however, the implementation of a 28 percent GST and a 30 percent direct tax would undoubtedly drain away the majority of the gains that people have gained over time, he noted.
As we've all heard for a long time, the government is apparently considering levying a 28 percent GST on all crypto transactions, including mining, sales, and purchases of cryptocurrency, according to Amit Gupta, MD, SAG Infotech. Profits from the selling of crypto assets and non-fungible tokens are already subject to a 30% tax.
"This second GST on crypto transactions is anticipated to exacerbate issues for the crypto business and may even deter many investors from trading in these digital assets," added Gupta.
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