Last March, India announced that it will introduce tax on crypto-asset gains from April. Under the law, it was announced that a 30% capital gains tax would be paid from crypto money transactions, and the law came into force.
India May Introduce New Taxes on Cryptocurrency Transactions
According to the news published by CNBC-TV18, The Goods and Services Tax (GST) Council of India is allegedly considering a proposal to impose a 28% tax on all cryptocurrency transactions as well.
A source familiar with the matter told CNBC-TV18:
“GST will soon impose a 28% tax on all activities related to cryptocurrencies.”
The issue continues to be discussed by the legal committee in the council.
The overall tax burden for the cryptocurrency sector in India will increase even more if the new taxation system is implemented.
It was stated that the aim of this proposal is to align crypto-specific GST taxes with the recommended tax rates for online gambling and betting services in India.
