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Cryptocurrencies may attract 28% GST like betting and casinos

GST Council is likely to consider levying 28% GST on cryptocurrencies. The government's view is to keep cryptocurrencies at par with lottery, casinos, race course, betting.

The GST Council has nominated a law committee to take up the proposal to levy 28% GST on services and all activities related to cryptocurrencies soon. The law committee's view will then be tabled before the GST Council for a formal nod.

The proposal is likely to be tabled in the next GST Council meet but no decision has been taken on the date yet.
 
Currently, 18% GST is levied only on services provided by crypto exchanges and is categorised as financial services.
 
The 2022-23 Budget has brought in clarity with regard to levy of income tax on crypto assets. From April 1, a 30% IT plus cess and surcharges, is being levied on such transactions.
 
The Budget also proposed a 1% TDS on payments towards virtual currencies beyond Rs. 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs. 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.
 
Earlier this month, the panel of state finance ministers was unanimous on hiking the GST rate on casino, race course and online gaming services to 28 percent, West Bengal finance minister Chandrima Bhattacharya had said. However, a call on whether the tax should be levied on gross or net valuation would be taken after further deliberations at the officer level.
 
At present, services of casino, horse racing and online gaming attract 18 percent GST.
 
Source - CNBC18.com

 


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Author:

TaxReply


May 9, 2022


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