Cryptocurrency Might Come Under GST

Share Us

79
Cryptocurrency Might Come Under GST
23 Jun 2022
7 min read

News Synopsis

Government of India is contemplating to bring Cryptocurrency under the ambit of GST. If media reports are to be believed, then the GST Council meeting to be held next week may consider imposing GST on cryptocurrencies. If these reports are to be believed, then in the meeting of the GST Council, it can be considered to increase the scope of GST and bring Virtual Digital Assets under the ambit of this tax. Let us tell you that the meeting of GST Council is going to be held on 28-29 June in Chandigarh, under the chairmanship of Union Finance Minister Nirmala Sitharaman.

It is noteworthy that the Group of Ministers constituted by the government on GST will present its recommendations in the meeting of the GST Council, after which a decision will be taken in the meeting regarding the implementation of the recommendations. The thing to be noted in this meeting will be what percentage of GST is levied on cryptocurrencies by the government.

If media reports are to be believed, the government may include cryptocurrencies in the highest slab of GST in the meeting. Let us tell you that while presenting the budget 2021-2022 this year, the Union Finance Minister made it clear that a 30 percent tax will be applicable on the earnings from cryptocurrencies. Along with this, 1 percent TDS was also announced to be deducted on every transaction.

Podcast