India ponders Bitcoin tax law to target $5B market

According to the Times of India, the ministrys Central Economic Intelligence Bureau, or CEIB, recently submitted a draft document that proposes imposing an 18% items and services tax on Bitcoin trading.CEIB figures put the estimated Bitcoin transaction volume in India at over $5.4 billion. Therefore, the proposed 18% tax could see the government earning about $970 million from crypto taxation.As part of the proposed strategy, the CEIB is pushing for virtual currencies to be categorized as “intangible possessions” to fall under the purview of GST with taxes levied on the earnings made from trading.Reacting to the news, Tanvi Ratna, CEO of Indian crypto policy advisory firm Policy 4.0, tweeted:” Sadly, this does not always indicate that crypto will be legal. At the time, the federal government was apparently moving towards reclassifying all forms of tax evasion as criminal offenses.Apart from the Supreme Court reversing the Reserve Bank of Indias ban versus banks servicing crypto exchanges back in March, not much has actually taken place by method of cryptocurrency guidelines in the country.The lack of regulative clarity is reportedly avoiding greater investor participation in the industry.

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Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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