5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-12 | Selina Mathew
The crypto business is hoping for a meeting with the government, since the GST Council is considering putting cryptocurrencies and associated services under the 28 percent tax bracket. The government has already imposed a 30% tax on profits from cryptocurrency assets and a 1% tax deducted at source (TDS) on transactions.
Since the income tax went into force on April 1, the sector has already seen a significant decline in transaction volumes, and the likelihood of a higher GST rate is likely to exacerbate the problem.
Moneycontrol has learned from industry sources that exchanges are concerned about what this may signify for the future of crypto trading in India.
"This cognitive process clearly does not satisfy us. If they adopt this viewpoint, things will become quite tough. No country has taken such a stance, and the forthcoming TDS will be difficult. To be honest, we don't know what their thought process is; do they want to prohibit it without actually prohibiting it? "We have no notion," claimed a person in the sector who did not want to be identified.
He went on to say that the industry intends to contact the government for discussions.
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