India mulls a 28% tax for crypto services: CNBC-TV18


India’s Goods and Services Tax (GST) Council is weighing a proposal to impose a 28% tax on all cryptocurrency transactions, according to a report by CNBC-TV18 on Monday.

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“The proposal is to levy 28 percent GST on services and all activities related to cryptocurrencies soon,” a source familiar with the issue told CNBC-TV18. The matter remains under discussion by a “law committee” working for the council.

If passed, the new tax would increase the overall tax burden for the cryptocurrency sector in India. The proposal comes a month after India’s finance ministry began imposing a 30% tax on all personal income generated from cryptocurrency.

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GST is an indirect tax paid on all goods and services in the country. It’s governed by the GST Council. Under the current GST system, there is an 18% tax rate levied on crypto transactions classified as financial services by crypto exchanges. 

According to the report, the objective of this proposal is to bring crypto-specific GST taxes into line with tax rates proposed for online gambling and betting services in India.

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