RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Cryptocurrency

India to impose 28% Goods and Services Tax on cryptocurrencies

Rate Captain by Rate Captain
March 21, 2022
in Cryptocurrency, Markets
Reading Time: 1 min read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Indian government is working to determine whether cryptocurrencies can be classified as goods or services, of which they can impose a different taxation scheme on digital assets.

Government officials believe crypto trading is similar to gambling and lottery, which have a 28% Goods and Services Tax (GST).

AlsoRead

BNP Paribas has joined JPMorgan’s blockchain-based network.

MTN Nigeria now more valuable than all Nigerian Banks combined

Tether, USDT market cap has dropped by US$10B since UST collapse

Currently, cryptocurrency is categorized as a financial service in India, and an 18% GST is levied on transactions on exchanges.

In her February budget speech, The Finance Minister, Nirmala Sitharaman announced plans for a 30% tax on crypto income as well as a 1% tax deducted at source (TDS) on every transaction.

Since then, the Reserve Bank of India, India’s Central Bank, has warned against crypto transactions, with the deputy governor even suggesting an outright ban.

Currently, the government is working on cryptocurrency legislation as the industry awaits further clarity.

The Goods and Services Tax (GST) law does not clearly state about classification of cryptocurrency and in the absence of a law on regulating such virtual digital currencies, the classification has to take into account whether the legal framework classifies it as actionable claim.

An actionable claim is a claim which can be made by a creditor, for any type of debt other than a debt secured by mortgage of immovable property.

Previous Post

The naira currency crashes at the parallel market

Next Post

Why should you invest in Ethereum?

Related News

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

by Rate Captain
May 23, 2022
0

French banking giant BNP Paribas (EPA) has joined JPMorgan's (JPM) blockchain-based network for fixed income market trading, according to a...

MTNN Share Price gains 1.21% after CBN granted the final approval of its MoMo PSB

MTN Nigeria now more valuable than all Nigerian Banks combined

by Rate Captain
May 23, 2022
0

is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies...

Tether, USDT market cap has dropped by US$10B since UST collapse

Tether, USDT market cap has dropped by US$10B since UST collapse

by Rate Captain
May 23, 2022
0

Tether, the operator of the world’s largest stablecoin USDT, has seen US$10 billion of its market capitalization shaved off since...

Experts predicts the death of Shiba Inu

Experts predicts the death of Shiba Inu

by Rate Captain
May 18, 2022
0

It’s a matter of when, not if, we’ll see the death of Shiba Inu, according to the majority of Finder’s...

Next Post

Why should you invest in Ethereum?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022
CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

May 23, 2022

Popular Story

  • Tether, USDT market cap has dropped by US$10B since UST collapse

    Tether, USDT market cap has dropped by US$10B since UST collapse

    0 shares
    Share 0 Tweet 0
  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria now more valuable than all Nigerian Banks combined

    0 shares
    Share 0 Tweet 0
  • Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.