Indian Crypto Industry Seeks Tax Clarity in Union Budget 2022-23 – Tax Bitcoin News

An industry association in India has written to the country’s finance minister, requesting clarity on cryptocurrency taxation in the 2022-23 Union Budget. “Ideally, the Budget should provide coherent rules on direct taxation and the GST Commission should detail the applicability of the taxation, otherwise confusion will arise.”

Industry wants clarity on crypto tax laws in 2022-23 Union Budget

Indian industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, on the issue of taxation of cryptocurrencies. The association represents major cryptocurrency exchanges in India, including Coinswitch Kuber, Wazirx and Coindcx.

In the letter, the association asked the finance minister to clarify crypto taxation in the 2022-23 Union Budget. The industry body also urged the government to amend existing tax laws to include crypto assets. Rameesh Kailasam, president and CEO of Indiatech, told Ettech:

Ideally, the budget should provide coherent rules on direct taxation, and the GST Board should detail the applicability of the taxation, otherwise confusion will arise.

Some cryptocurrency exchanges have been accused of evading Goods and Services Tax (GST). India’s Directorate General of Goods and Services Tax Intelligence (DGGI) is scrutinizing several crypto companies for tax evasion.

DGGI recently Raid Major cryptocurrency exchange and found “massive” GST evasion. The crackdown reportedly uncovered tax evasion worth about 700 million rupees ($9.4 million). Cryptocurrency exchanges blame tax law confusion for failing to pay taxes properly.

Indiatech has urged Finance Minister Nirmala Sitharaman to admit that cryptocurrencies are digital assets, not currencies. The industry association also recommends 18% GST on exchange commissions only.

India still has no laws governing crypto assets directly. A cryptocurrency bill was put up for consideration at the winter session of parliament but was not adopted, and the Indian government is now reportedly in the process of amending the bill.

tags in this story

cryptocurrency exchange, Crypto Tax Law, crypto tax, Crypto Alliance Budget, sale tax, sale tax, India, Finance Minister of India, Indian tech, tax evasion, union budget, Union Budget 2022, Union Budget 2022-23, Union Budget Crypto

Do you think the government will mention cryptocurrencies in this year’s federal budget? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.

Source link

Leave a Reply

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