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India May Impose 28% GST On Crypto Transactions
The Indian government is working to determine whether cryptocurrencies can be classified as goods or services, which can impose a different taxation scheme on digital assets.
Kabir V.
7:16 21st Mar, 2022
Policy

Government officials believe crypto trading is similar to gambling and lottery, which have a 28% goods and services tax (GST).

Currently, cryptocurrency is categorized as a financial service in India, and an 18% GST is levied on transactions on exchanges.

In her February budget speech, finance minister Nirmala Sitharaman announced plans for a 30% tax on crypto income as well as a 1% tax deducted at source (TDS) on every transaction.

Since then, the Reserve Bank of India, India’s central bank, has warned against crypto transactions, with the deputy governor even suggesting an outright ban.

Currently, the government is working on cryptocurrency legislation as the industry awaits further clarity.

Source



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