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An Indian industry association has sent a letter to the country’s Minister of Finance, seeking to clarify cryptocurrency taxes in the Union’s budget for 2022-23. “Ideally, the budget should provide coherent rules on direct taxes, and the Goods and Services Tax Committee should specify the applicability of the tax, otherwise there will be confusion.”
The industry hopes to clarify the crypto tax law in the alliance budget for 2022-23
The Indian Industry Association Indiatech has sent a letter to the country’s Finance Minister Nirmala Sitharaman on the issue of cryptocurrency taxation. The association represents major cryptocurrency exchanges in India, including Coinswitch Kuber, Wazirx and Coindcx.
In the letter, the association asked the Minister of Finance to clarify the crypto tax in the Union budget for 2022-23. 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 taxes, and the Goods and Services Tax Committee should specify the applicability of the tax, otherwise it will cause confusion.
Some cryptocurrency exchanges have been accused of evading goods and services tax (GST). The Directorate General of Goods and Services Tax Intelligence (DGGI) is reviewing the tax evasion of several crypto companies.
DGGI recently Raid Major cryptocurrency exchanges have also discovered “large-scale” GST circumvention. According to reports, the crackdown uncovered tax evasion worth about 700 million rupees ($9.4 million). Cryptocurrency exchanges attribute the confusion of tax laws to the failure to pay taxes properly.
Indiatech has urged Finance Minister Nirmala Sitharaman to treat cryptocurrencies as digital assets, not currencies. The industry association also recommends a flat consumption tax of 18% on exchange commissions only.
India still does not have a law to directly manage crypto assets. A cryptocurrency bill was included in the parliament’s winter meeting for deliberation, but it was not adopted. According to reports, the Indian government is now re-enacting the bill.
Do you think the government will mention cryptocurrency in the alliance budget this year? Please let us know in the comments section below.
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