India Considers Imposing 28% GST on All Crypto Transactions: Report Taxes Bitcoin News

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  1. The Indian government is reportedly considering imposing a 28% goods and services tax (GST) on all crypto transactions.
  2. The GST Council is the apex decision-making body chaired by the countrys finance minister. The council has nominated its law committee to form a view on the GST issue relating to cryptocurrency.
  3. Sources told the publication that crypto exchanges in India are currently classified as an intermediary service and are taxed at 18% GST.
  4. Tax proposals will be analyzed by the law committee, which will recommend its views to the GST Council for its consideration.
  5. If agreed upon by the GST Council, every transaction will be subject to 28% GST.
  6. The GST rate for online gaming (without betting) is currently 18%. However, online games involving betting or gambling are taxed at 28% GST.
  7. A number of parliament members have demanded that cryptocurrency transactions be treated as gambling.
  8. Cryptocurrency income is currently taxed at 30% in India. Moreover, a 1% tax deducted at source (TDS) will start being levied on crypto transactions on July 1.
  9. Meanwhile, the Indian government is working on the countrys crypto policy. Finance ministry officials have been consulting with the International Monetary Fund (IMF) and the World Bank on cryptocurrency regulation.
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