Mumbai. Economic Affairs Secretary Ajay Seth has said that the central government has almost prepared the consultation paper on cryptocurrencies adding that there should be a global consensus on cryptocurrencies. According to Seth, India will look into the steps taken by other countries before regulating cryptocurrencies and this consultation paper will be presented soon.
India imposed 30 percent tax
In the budget for the financial year 2022-23, the Government of India had imposed a tax of 30 percent on profits from cryptocurrency transactions. However, the government has not yet recognized cryptocurrencies in the country. India differentiates between crypto asset and cryptocurrency. Regarding tax, Finance Minister Nirmala Sitharaman, while presenting the budget, had said that in addition to 30 percent tax on profits, 1 percent TDS will also be deducted. The tax on crypto came into effect from April 1.
GST Council also wants to impose tax
The Goods and Services Tax (GST) Council also wants to impose a tax of 28 percent on cryptocurrencies. She is looking at it like a casino, gambling and a lottery. According to reports, if this is approved in the meeting of the GST Council, then there will be 28 percent GST on crypto mining and sale. Explain that this GST will be in addition to 30 percent tax.
Questions raised while traveling abroad
Finance Minister Nirmala Sitharaman had expressed concern about cryptocurrencies during her US visit. He said that there is a need to regulate cryptocurrencies with a global consensus so that it is not used for money laundering and terrorism. He said that these are the big concerns of India regarding cryptocurrencies.
bitcoin crosses $30,000
After remaining below the level of $30,000 for 4 consecutive days, bitcoin finally broke this circle on Monday. On Monday, the world's largest cryptocurrency traded at the level of $ 30,441 with a gain of 4.4 percent. Ether gained 6.6 per cent. At the same time, Solana also rose 6 percent. Apart from this, some altcoins also performed well. Avalanche was seen trading up 6.6 per cent and Cardano up 8.6 per cent.
