Cryptocurrency Taxation
Centre mulls over change in tax laws to tax cryptocurrency gains in India
Mumbai/IBNS: The Centre is mulling on bringing changes under the tax laws to tax gains from cryptocurrency in the southeast Asian nation.
In terms of Income Tax, people are already paying capital gains on revenue earned from cryptocurrency, said Revenue Secretary Tarun Bajaj.
With respect to Goods & Services Tax (GST), he said that the law was evident that the rate applicable to other services would be enforced on cryptocurrency gains as well.
In an interview with PTI, Bajaj said: "We will see whether we can actually bring in some changes in law position or not. But that would be a Budget activity. We are already nearing the Budget, we have to look at that point of time."
Separately, the Centre can introduce a bill on cryptocurrencies during the winter session of the parliament beginning on November 29, after doubts overflowed on cryptocurrencies being used for bolstering investment with wrongful claims.
In the same regard, the Indian Prime Minister Narendra Modi urged democratic nations to work cohesively for ensuring that cryptocurrency promotes trade, investment and the larger good rather than ending up in wrongful hands.
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