Cryptocurrencies May Be Taxed At Par With Lottery, Casino Wins: Report
The government is considering to tax cryptocurrencies, like Bitcoin, at 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 to levy 28 per cent GST on cryptocurrencies.
According to a media report, the GST Council is likely to discuss the proposal to tax cryptocurrencies in the upcoming meeting. The date for the meeting is not yet finalised.
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 to impose 30 per cent tax on income arising from the transfer of virtual digital assets. The new rules came into effect on April 1.
As per the new 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 Rs 2.5 lakh.
Imposing 28 per cent GST will make cryptocurrencies heavily taxed. This will bring cryptocurrencies at par with casinos, betting and lottery as far as the level of taxation is concerned.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
