An Indian parliament member says crypto is like gambling and must be taxed at a very high rate, such as 50%. cryptocurrency bitcoin $BTC
Indian Parliament Member Wants to Tax Crypto at 50%
Besides wanting to tax crypto income at 50%, Modi also suggested levying 28% goods and services tax on the entire crypto transaction value, instead of only applying 18% GST on the service provided by crypto exchanges. “Like gambling, horse racing, casino, lottery, the GST should be on the entire transaction value,” he opined.
He explained that the Indian government is working on crypto legislation and needs to decide in the near future whether crypto is an asset, a commodity, a stock, a good, or a service.
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