Indian Govt soon apply 28% GST ON Crypto

If the heavy 30% tax and 1% TDS weren’t enough to spoil the mood of crypto enthusiasts in India, another big move by the government would surely dampen it.

The goods and services tax (GST) council is reportedly considering levying a 28% tax on cryptocurrencies, at par with the current GST on casinos, betting and lottery, multiple media reports claimed yesterday, as per ET.

Crypto services such as crypto mining along with sales and purchases are likely to attract the 28 per cent GST if the proposal goes through in the next GST meeting.

The 28% GST will be in addition to the 30% tax already applicable on earnings from crypto-asset transactions.

There is also a 1% TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. Gifts in crypto and digital assets are also taxed.