A major change from the first day of the new financial year i.e. April 1, 2022 is the tax on cryptocurrencies. In the Budget 2022-23, Finance Minister Nirmala Sitharaman had announced a 30 percent tax on all virtual digital assets or crypto assets. Under this, if the investor gains on selling crypto assets, he will …
Now cryptocurrencies can also be brought under the purview of GST. The government is working on classifying cryptocurrencies as goods or services under the GST law to tax the entire value of transactions. At present, only services provided by crypto exchanges attract 18 per cent GST and are classified as financial services. GST officials say …
Alert: Government is Preparing To Bring Cryptocurrencies Under GST Read More »
In India, cryptocurrencies have become a rage. The country is said to have the second-highest adoption rate. The spurt has caught the government’s attention, and according to media reports, the government is mulling taxing blockchain ecosystems, which include cryptocurrencies and non-fungible tokens (NFTs). Currently, there are no specific guidelines regarding the taxation of Crypto Currencies …