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SUNDAY, October 02, 2022
Cryptocurrencies in India may be taxed on par with lotteries, casinos

Cryptocurrencies in India may be taxed on par with lotteries, casinos

WEDNESDAY, May 11, 2022

The Indian government is considering taxing cryptocurrencies such as Bitcoin on par with casinos, lotteries, betting and racecourses, sources said.

The highest decision-making body on indirect taxes, the Goods and Services Tax (GST) Council, is considering levying 28 per cent GST on cryptocurrencies.

According to a media report, the GST Council is likely to discuss the proposal to tax cryptocurrencies in an upcoming meeting.

The proposed 28 per cent GST will be in addition to the 30 per cent income tax on earnings from crypto-asset transactions.

In the Union Budget 2022-23 Finance Minister Nirmala Sitharaman proposed a 30 per cent tax on income arising from the transfer of virtual digital assets. The new rules came into effect on April 1.

Under these rules, gains from all virtual digital assets including cryptocurrencies will be taxable at 30 per cent.

Gains from virtual digital assets including cryptocurrencies are taxable even if a taxpayer’s total income is below the threshold limit of Rs250,000 (THB111,800).

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