Indian Government Is Set to Discuss the Levying of a Goods and Services Tax on Crypto Transactions Next Week

According to a report by Bloomberg, the panel intends to broaden the scope of GST to bring digital assets under its fold. While the panel has so far not decided on a rate, sources told Bloomberg that crypto may be placed under the highest slab, at 28%. This places the space alongside other items such as luxury cars, tobacco, and aerated drinks. The move further highlights the Indian government’s apprehension towards crypto, given that the space already faces a steep 30% capital gains tax.