2 November 2024
Indian Parliament Member Suggests Increasing Crypto Tax To 50 percent
On Tuesday, Sushil Kumar Modi, a member of the Indian parliament, talked about Cryptocurrency in an interview with Forkast. He is a member of the Rajya Sabha, the upper house of India’s parliament.
He had asked the Indian government to impose an additional 30% tax on Crypto income before Rajya Sabha passed Finance Bill 2022. He believes that government should tax Crypto income as much as 50%.
Modi state, “the government has not said in so many words … that crypto is like gambling. It is like lottery, it is like a casino, it is like horse racing … and in all these things the tax rates are very high.”
Additionally, Modi suggested levying 28% goods and services tax () on the entire Crypto transaction value, instead of only applying 18% GST on the service provided by Crypto exchanges. He said, “like gambling, horse racing, casino, lottery, the GST should be on the entire transaction value.”
Later, he compared Crypto to traditional investments. He highlighted that stocks have companies behind them, “nobody knows who is behind these cryptos,” he pointed out. He emphasized discouraging and disincentivizing trading and investing in Cryptocurrencies.
Currently, the Indian government is working on Crypto legislation and they need to decide soon whether Crypto is an asset, a commodity, a stock, a good, or a service, said Modi.
He noted that government should discuss Crypto legislation with the International Monetary Fund (IMF) and the World Bank.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
Discussion
0 comments