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India tax authorities to discuss 28% GST on crypto trading next week

·1 min read

Indian tax authorities will meet for two days starting June 28 to discuss a goods and services tax (GST) on cryptocurrency transactions, according to a Bloomberg report that cited unidentified sources.

See related article: India’s tax bogeyman is scaring off young crypto investors

Fast facts

  • A panel comprising federal and state finance ministers will meet in the northern Indian state of Chandigarh.

  • Panel members may not finalize a rate at the meeting, but they will discuss placing crypto transactions at the highest GST rate of 28%, on par with taxes on lotteries, casinos and other forms of betting, according to the report.

  • Crypto transactions on Indian exchanges are currently subject to an 18% GST.

  • The authorities are looking to broaden the tax net and track transactions in virtual digital assets in a more effective manner, the report said.

  • A 30% tax on profits from crypto asset trading kicked in on April 1, and a 1% tax for transactions exceeding 10,000 Indian rupees (US$128) will come into effect on July 1.

See related article: India to make life hell for crypto investors: MP