Cryptocurrency: Laws to be changed to tax Cryptocurrencies?

Cryptocurrency: Laws to be changed to tax Cryptocurrencies?

Published: 19/11/2021 20:33 IST




A senior official revealed that the government was planning

New Delhi: Union Revenue Secretary Tarun Bajaj has said that the government is planning to bring cryptocurrencies under the tax net. For this, it is planning to make changes in the income tax laws. Investors are already taxing their profits on crypto under the head ‘long-term capital gains’. He said that the GST Act also has clear guidelines on this. He said that an important announcement is likely to be made in the upcoming budget.

Tarun said that those doing cryptocurrency trading will also have to pay tax under GST. He added that the Bill on Cryptocurrencies is likely to be introduced in the winter session of Parliament beginning November 29. Massive advertisements on crypto are appearing to attract investors, and celebrities are promoting them too, he said. In such a situation, the government feels that strict control is needed on them. It is against this background that the RBI and the Prime Minister have recently held talks with various stakeholders on this.

Prime Minister Narendra Modi recently said that all countries should work together on cryptocurrency to ensure that it does not fall into the hands of unscrupulous powers. Modi made the remarks while speaking virtually at the Sydney Dialogue conference in Australia. Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das recently expressed concern over cryptocurrencies. He warned that virtual currencies could cause “serious problems” that could threaten the country’s economy and economic stability.

On the other hand, a recent meeting of the Parliamentary Standing Committee on Economic Affairs, which oversees the regulation of cryptocurrency exchanges instead of imposing a complete ban on cryptocurrencies, was overlooked by many. At a time when interest in crypto assets is increasing across the globe, the view was expressed that it would not be appropriate to impose a complete ban on cryptocurrencies due to the risk involved. Currently, there are no restrictions or regulation on the use of cryptocurrencies in the country.

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