India Considers Levying 28% GST Tax on Cryptocurrencies Like Local Casinos

India’s GST Council, the highest decision-making body on indirect taxes is likely to consider levying 28% GST on cryptocurrencies. According to sources, the government’s view is to keep cryptos on par with lottery, casinos, betting, and racecourses. Highest GST Slab of 28% on All Crypto Activities According to CNBC-TV18, the GST Council of India has nominated a law committee to take up the proposal to levy the highest GST slab of 28% on all activities related to cryptocurrencies. The proposal is likely to be tabled in the next GST Council meet, whose date has not been finalized yet. The Indian government has already imposed a 30% income tax on earnings from virtual digital asset transactions from April 1. However, there are still several aspects pertaining to goods and service tax on cryptocurrencies, per the sources, such as mining, sale and purchase, and their exchange value when used for buying or exchanging goods and services. This matter is under consideration as all such activities may attract GST, according to them They further added that there are various aspects of cryptocurrencies, the transactions involving cryptos, cryptos being used to make purchases, cryptos being received as payments. All these aspects are under examination and will be discussed by the law committee.The post India Considers Levying 28% GST Tax on Cryptocurrencies Like Local Casinos first appeared on Cryptoknowmics-Crypto News and Media Platform....