Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-09 | Selina Mathew
Although the finance ministry has already imposed a 30% income tax on earnings from virtual digital asset transactions as of April 1, there are still several aspects of goods and service tax on cryptocurrencies, such as mining, sale, and purchase, as well as their exchange value when used to buy or barter goods and services, that must be addressed.
As many lawmakers have urged, the government may widen the indirect tax net over cryptocurrencies to encompass the whole gamut of operations, including their use for trading goods and services, at the maximum slab of 28 percent, according to two people familiar with the situation.
Although the finance ministry has already imposed a 30% income tax on earnings from virtual digital asset transactions as of April 1, there are still several aspects of goods and service tax on cryptocurrencies, such as mining, sale, and purchase, as well as their exchange value when used to buy or barter goods and services, that must be addressed. This is being looked at since all such actions may be subject to GST, they added, seeking anonymity.
"The legal committee will review tax suggestions and provide recommendations to the GST Council for consideration," one of them stated.
The GST Council is the ultimate decision-making body, while the law committee on GST is made up of 23 officials representing indirect tax concerns from the Centre and states.
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