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India’s income tax department may focus on crypto trades and ecosystem

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The Indian government is considering taxing cryptocurrency trades and exchanges in the near future

The income Tax Department of India is considering taxing crypto traders and crypto exchanges soon enough, experts believe investors shouldn’t worry. The tax department which works under India’s Ministry of Finance has given thumbs up to tax crypto earnings through trade and exchanges. Nonetheless, the sources claim that the step will not entitle cryptocurrencies to a valid asset class position. 

Nischal Shetty, CEO of WazirX Indian Entrepreneur said being sure on crypto-related goods and Service Tax (GST) will help in identifying the asset class of cryptocurrencies. “It’s no-brainer that your crypto earnings are taxable like other income and should be declared in the income and should be declared in the income Tax returns. As of now, it is not clear whether the GST would be applied on the amount of cryptocurrency bought or on the transaction fees paid by the user.” 

The report also stated that the Indian Government believes that every activity that create incomes in cryptocurrencies must be taxed. Nonetheless, the legislative proposal which will be released by the cabinet will give more details on this decision. Reserve Bank of India Governor Shaktikanta Das raised concerns related to crypto such as Bitcoin (BTC): “We have conveyed our serious and major concerns about cryptocurrencies to the government from the financial stability aspect.”

There are chances of an upcoming legislative bill on crypto tax, Indian investor Evan Luthra of Luthra Group said “I think investors and potential investors have nothing to be scared about. Governments that realize the true potential of cryptocurrencies and bring in policies to support the innovation will be the leaders of the future.” Even though the government only sees two options the RBI plans to make its own version of CBDC if “there is a need.” 

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