The Indian Government Wants to Increase the Tax For the Crypto Sector — Media

The government of India has received a proposal to increase the tax on the cryptocurrency sector.

According to CNBC-TV18, the existing tax is proposed to be increased to 28% GST on services and all activities related to digital assets.

First, the proposal must be studied by the legal committee of the Council on tax on goods and services, and if approved, the initiative will be transferred to further instances for consideration and approval.

GST is an indirect tax paid on all goods and services in a country. Under the current system, the rate for cryptocurrency transactions classified by exchanges as financial services is 18%.

So far, a tax of 28% in India is paid by representatives of the online gambling sector. And the introduction of the same percentage of tax for the crypto sector will equate it, according to the terms of taxation, with the sector of gambling, lotteries and sweepstakes.

Earlier, the country’s authorities introduced a 30% tax on profits from cryptocurrency transactions and a controversial 1% fee under the TDS.

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