Indian economic thinktank propose 18% taxation on BTC transactions
If approved, this taxation initiative on the total INR 40,000 crore (around $5.5 billion) bitcoin transactions, would surmount to an annual value of INR 7,200 crore ($1 billion) in tax revenue for the Indian government.
India Crypto Tax Proposal
An economic thinktank which advises India’s Central Board of Indirect Taxes & Customs (CBIC) have put forward a proposal to classify Bitcoin (BTC) as an “intangible asset” and impose an 18% goods and services tax (GST) on transactions.According to the Times of India, the board also indicated that the cryptocurrency could be distinguished as “current assets and GST charged on the margins made in its trading.”
Crypto Uncertainty
After India’s Supreme Court lifted its long-standing ban on any form of cryptocurrency activity in March 2020, bullish sentiment emerged for the development of the ecosystem in the country.However, in the days following, the Reserve Bank of India announced their intentions to file a review petition into the Supreme Court’s ruling, citing threats to the sovereignty of their banking system as reason to oppose the measure.
Despite the uncertainty, crypto exchange Binance bought crypto exchange WazirX this year, as well as setting up a $50 million ‘blockchain for India’ fund for start-ups in the country. These initiatives are part of Binance’s global plan to penetrate Asia’s third-largest economy and create new markets for cryptocurrency adoption.
Public Reactions
CEO of WazirX exchange, Nischal Shetty tweeted his approval for the introduction of taxation for the health of the country’s cryptocurrency ecosystem:“Crypto ecosystem in India has been growing rapidly. While there’s no crypto ban in India, it’s important we bring in regulatory clarity. Regulatory clarity helps attract talent, capital & fuels growth in economy.”
Others were critical of the boards advice, suggesting that the government should focus on clarifying their legal position on digital assets, before rushing to impose taxation measures.
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