May 09, 2022
Indian GST Council is reportedly planning to put crypto under the highest GST slab of 28%.
The Indian government is planning to put crypto under the same category as lottery, casinos, betting and race courses.
The 28% GST will also increase indirect tax net on cryptocurrency related services.
Earlier this year, Indian Finance Minister Nirmala Sitharaman had declared a 30% income tax on earnings from cryptocurrencies.
Crypto trading volumes dropped drastically after the 30% tax came into effect this year.
Another additional indirect tax may leave Indian crypto investors more discouraged.
Cryptocurrencies may be taxed in India, but the government is yet to pass a bill regulating them.