Cryptocurrency will be included in the purview of GST! Government will take a big decision in the next meeting
GST on Cryptocurrency: The meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, is going to be held in Chandigarh on June 28-29. In this meeting of the GST Council, the government can also take a big decision regarding cryptocurrency.
GST On Cryptocurrency: The Group of Ministers constituted by the government on GST will present its recommendations in the meeting of the GST Council. After which a decision will be taken in the meeting regarding the implementation of the recommendations. Under the chairmanship of Union Finance Minister Nirmala Sitharaman, the meeting of the GST Council is going to be held in Chandigarh on June 28-29. In this meeting of the GST Council, the government can also take a big decision regarding cryptocurrency.
In fact, in this meeting going to be held next week, it will be considered to increase the scope of GST. Along with this, there is an idea to bring virtual digital assets under the purview of GST. In this episode, it is believed that the government may decide to bring cryptocurrencies under the purview of GST.
Cryptocurrencies included in highest slab of GST
According to media reports, the government can include cryptocurrencies in the highest slab of GST i.e. 28 percent in the meeting. Let us tell you that the Union Finance Minister Nirmala Sitharaman while presenting the budget 2021-2022 this year, made it clear that 30 percent tax will be applicable on earnings from cryptocurrencies. Along with this, 1 percent TDS was also announced to be deducted on every transaction. This was seen as a clear sign of legality regarding digital currency.
Bill in Parliament on Cryptocurrencies
The government has been trying to bring a bill on cryptocurrencies in Parliament for a long time. At the same time, no decision has been taken on this yet. After which everyone's eyes are on the decisions of the meeting going to be held next week.