Cryptocurrencies May Be Taxed At Par With Lottery, Casino Wins: Report

The government is considering to tax cryptocurrencies, like Bitcoin, at par with casinos, lotteries, betting and racecourses, sources said.

The government is considering to tax cryptocurrencies, like Bitcoin, at par with casinos, lotteries, betting and racecourses, sources said.

The highest decision-making body on indirect taxes, the Goods and Services Tax (GST) Council, is considering to levy 28 per cent GST on cryptocurrencies.

According to a media report, the GST Council is likely to discuss the proposal to tax cryptocurrencies in the upcoming meeting. The date for the meeting is not yet finalised.

The proposed 28 per cent GST will be in addition to the 30 per cent income tax on earnings from crypto asset transactions.