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08-05-2022|Crypto

In India, cryptocurrencies, like betting and casinos, may soon be liable to a 28 percent GST.

The GST Council is expected to consider imposing a 28 percent GST on cryptocurrencies. The government believes that cryptocurrency should be treated similarly to lottery, casinos, racetracks, and betting.

The GST Council has appointed a law committee to consider the idea to impose a 28 percent GST on all services and activities related to cryptocurrency as soon as possible. The legal committee's recommendation will subsequently be presented to the GST Council for formal approval.

The idea is expected to be presented at the next GST Council meeting, but no date has been set yet.

Only 18 percent GST is now levied on crypto exchange services, which are classified as financial services.

The 2022-23 Budget provided clarity on the imposition of income tax on crypto assets. Such transactions will be subject to a 30 percent I-T, plus cess and surcharges, beginning April 1.

The Budget also suggested a 1% TDS on virtual currency payments exceeding Rs 10,000 per year, as well as taxes of such presents in the hands of the recipient. For designated persons, such as individuals/HUFs who are required to have their accounts audited under the I-T Act, the TDS threshold limit would be Rs 50,000 per year.

The council of state finance ministers agreed earlier this month to raise the GST rate on casino, racetrack, and internet gaming services to 28 percent, according to West Bengal finance minister Chandrima Bhattacharya. However, after further deliberations at the officer level, a decision on whether the tax should be paid on gross or net valuation will be made.

Casino, horse racing, and online gaming services are currently subject to 18 percent GST.

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