Indian Crypto Industry Seeks Tax Clarity In Union Budget 2022-2023 – Bitcoin Taxes News

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An Indian industry association has written to the country’s finance minister to seek clarification on the taxation of cryptocurrencies in the 2022-2023 Union budget. “The budget should ideally propose consistent rules on direct taxation and the GST Council should detail the applicability of the taxation, otherwise there will be confusion.”

Industry wants clarity on crypto tax laws in Union budget 2022-2023

India’s industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, regarding the taxation of cryptocurrencies. The association represents the major cryptocurrency exchanges in India, including Coinswitch Kuber, Wazirx, and Coindcx.

In its letter, the association asked the Minister of Finance for clarification on the taxation of cryptography in the Union budget 2022-2023. The industry body has also urged the government to change existing tax laws to include crypto assets. Indiatech President and CEO Rameesh Kailasam told Ettech:

The budget should ideally propose consistent rules on direct taxation and the GST Council should detail the applicability of taxation, otherwise there will be confusion.

Some cryptocurrency exchanges have been accused of evading the Goods and Services Tax (GST). India’s Goods and Services Tax Intelligence Directorate (DGGI) is investigating several crypto companies for tax evasion.

The DGGI recently raided major cryptocurrency exchanges and discovered a “massive” GST breakout. The crackdown reportedly uncovered tax evasion worth around Rs 70 crore ($ 9.4 million). Crypto exchanges blamed confusion over tax laws as the reason for not paying taxes properly.

Indiatech urged Finance Minister Nirmala Sitharaman to recognize cryptocurrencies as digital assets, instead of currencies. The industry association also recommended levying a flat 18% GST only on stock exchange commissions.

India still does not have a law directly governing crypto assets. A cryptocurrency bill was due to be considered in the winter session of parliament, but it was not passed, and the Indian government is reportedly reworking the bill.

Keywords in this story crypto exchanges, crypto tax laws, crypto taxation, crypto union budget, GST, GST tax, India, Indian Minister of Finance, Indiatech, tax evasion, Union budget, Union budget 2022, Union budget 2022-23, Crypto Union budget

Do you think the government will mention cryptocurrency in the Union budget this year? Let us know in the comments section below.

Kevin helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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