Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Reading: India Could Soon Apply This New Tax on Crypto
Share
  • bitcoinBitcoin(BTC)$28,513.00
  • ethereumEthereum(ETH)$1,823.93
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$315.03
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.52
  • cardanoCardano(ADA)$0.393499
  • staked-etherLido Staked Ether(STETH)$1,819.22
  • dogecoinDogecoin(DOGE)$0.077083
  • matic-networkPolygon(MATIC)$1.11
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > India Could Soon Apply This New Tax on Crypto
News

India Could Soon Apply This New Tax on Crypto

Sreerupa Biswas
Last updated: 2023/03/14 at 11:34 AM
Sreerupa Biswas Published September 23, 2022 March 14, 2023
Share
VOC, Voice of Crypto, Bitcoin, India

India’s legal system has always been flexible, and now, it is all set to accept the newest 21st-century mega industry into its folds. The Indian Finance Ministry is in talks to formulate a comprehensive GST plan, with the blooming and rapidly growing crypto industry at its center.

Contents
Crypto under GST LawsSpecial GST for CryptoFinance Minister Taps IMF 

Crypto under GST Laws

Since GST is only applied to services, it is yet to be figured out how goods and services taxes will be used for assets in the cryptocurrency industry, according to sources. However, the entire matter requires more time and research on a governmental level to reconcile better the understanding of the intersection of laws and nascent technology and how the crypto industry factors into the Indian legal system remains to be delved into.

Special GST for Crypto

Reportedly, talks around the GST rates and laws have been doing the rounds. The Indian government was previously considering either an 18% GST rate or a 28% GST rate on crypto assets.

However, more recent news around this has surfaced, which indicates that these numbers are being reconsidered. Sources now say that there is a high possibility that the GST rate to be imposed will be fixed at a number somewhere between this range.

It has also been revealed that the GST will likely be applied only on the margins or services instead of the entire Crypto asset.

Finance Minister Taps IMF 

A panel dedicated to the GST laws around crypto trade had reportedly convened in June to explore the legal options for incorporating crypto into the legal system.

As of now, certain Cryptocurrency related laws have already come into effect. 30% of any income from the crypto trade is currently taxed, and since the 1st of July, a 1% tax has been deducted at source.

Indian Finance Minister Nirmala Seetharaman has urged the International Monetary Fund to structure international cryptocurrency infrastructure actively.

To work according to the Financial Access Task Force (FATF), the Finance Ministry intends to come out with a final and comprehensive take on incorporating the crypto industry into the folds of the Indian legal system by the beginning of the coming year.

 

You Might Also Like

Why Elon Musk Called for a Pause on AI Development

10 Top Crypto Airdrops for April 2023

SEC Head Gensler Seeks $2.4B to Fight Crypto Corruption

MetaMask Issues Warning on Fake Airdrop Rumors

VC Bets Big on Bitcoin Price Hitting $1M By June

TAGGED: DeFi
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article What Is Sweatcoin? What Is Sweatcoin?
Next Article Cardano Cardano Price Tumbles despite Vasil Upgrade Going Live
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
Elon Musk AI Crypto
Why Elon Musk Called for a Pause on AI Development
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?