Cryptocurrency: Government may soon take big decision on cryptocurrency, big news about consultation paper
"We have discussed not only the local stakeholders but also organizations like IMF, World Bank and others to prepare the consultation paper," Economic Affairs Secretary Ajay Seth said at a function here on Monday. We hope to finalize the consultation paper soon.
Although the number of people investing in cryptocurrencies in the country continues to rise, the government has imposed a hefty 30 per cent tax and one per cent TDS on the income generated from them. Now there is a big update from the government about crypto in India. In fact, Ajay Seth, Secretary, Department of Economic Affairs, said that a consultation paper on cryptocurrency was almost ready. He said every aspect of making it has been well discussed.
Ajay Seth made the big statement while talking to reporters during a program on Monday. He said it was important to have a global consensus on a central cryptocurrency. But the government will examine the steps taken by other countries before regulating cryptocurrency to protect Indian investors. "We have had extensive discussions and consultations not only with local stakeholders but also with institutions like the IMF and the World Bank," he said. We hope to finalize the consultation paper soon.
The economic affairs secretary said what the government thinks and thinks about cryptocurrency was stated by Prime Minister Narendra Modi during the Sydney conference a long time ago. After this he spoke on more than one forum. Apart from the finance minister, the RBI has also expressed its views in this regard. It may be mentioned here that in the budget for the financial year 2022-23, the Government of India imposed 30% tax on profits from cryptocurrency transactions and 1% TDS on transactions, which has been implemented since April 1, but cryptocurrency has not been implemented yet. Valid in the country.
In addition to the 30 per cent tax and one per cent TDS, preparations are underway to bring cryptocurrency under the Goods and Services Tax (GST) in the country. The GST Council wants to impose an additional 28 per cent tax on crypto in addition to the earlier 30 per cent tax. In fact, the council is considering investing in cryptocurrencies such as gambling, casinos and lotteries. However, if the Secretary of Economic Affairs is to be believed, the consultation paper prepared by the Government will be presented as soon as possible. In such a scenario, it is hoped that the government may soon take a major decision on crypto in the country.
03-Dec-2024