Another shocker for cryptocurrency community in India in the works after 30% income tax: Reports

 









The GST Council is likely to consider imposing 28 percent Goods and Services Tax on cryptocurrencies, various media reports claimed today (May 9, 2022).

As per the reports, the GST Council has constituted a committee which will soon take up the proposal to impose 28% GST on all actives and services related to cryptos. The proposal may be tabled before the GST Council in its next meeting.

Cryptocurrency activities include sale and purchase of crypto tokens on various exchanges, holding these assets in centralised and decentralised wallets, and staking on various platforms. The GST Council may examine all these activities before arriving at a decision.

Reports on imposition of GST on cryptocurrencies have been doing the rounds ever since the Government announced flat 30% tax on income from cryptos and other virtual digital assets. 1% TDS will also apply on crypto transfers from July 1, 2022.


Currently 18% tax is levied on service provided by crypto exchanges.

New agency PTI had previously reported that the Government was viewing crypto at part with lottery casinos, betting, gambling and horse racing. All of these attract 28% GST on the entire value plus 3% more in case of gold


Download our App to get knowledge updates: https://play.google.com



Join Our Telegram Channel for more updates:https://t.me/praveengst:




Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the opti
Read more

Income Tax Return or ITR for FY20 Can Be Filed Till May 31

Image
  n the wake of severe Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) has decided to extend timelines of various tax compliance dates on Saturday. “In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today," the ministry of finance said in a statement. The move is aimed at mitigating “the difficulties being faced by various stakeholders," it further added. The “relaxations are the latest among the recent initiatives taken by the government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times," it mentioned in a notification. “It’s a welcome move to extend the timeline of various tax compliances as the country is struggling with severe second wave
Read more