“Indian Government Planning For 28% GST On Crypto”
- Admin
- May 09, 2022
According to various media sources, GST council is considering to levy 28% GST on crypto transactions. These reports are coming since the Government of India announced flat 30% tax on income from cryptocurrencies and virtual digital assets that the imposition of GST on the crypto transactions may considered.
From 1st July, 2022 Government already levied 1% TDS on transfer of the crypto. New section “115BBH” inserted in the Income Tax Act, 1961 for levy the tax on digital assets.
Due to the various uncertanities in the world and the recession Bitcoin fall nearly 50% from it's peak.
Date for the next GST council meeting is yet to be notified.