Indian industry association Indiatech is appealing to the country’s finance minister, Nirmala Sitharaman for clarity on crypto regulation and taxation in the country’s Union Budget 2022-2023. The association is representing major cryptocurrency exchanges in India, including Coinswitch Kuber, Wazirx, and Coindcx.
In a letter, the association requests the finance minister for some resolution regarding crypto taxation in Union Budget 2022-23. The industry representative also urges Indian policymakers to make some provisions on existing tax laws to include crypto assets.
Indiatech’s president and CEO, Rameesh Kailasam, told the Economic Times of India:
“The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion.”
India’s Directorate General of Goods and Services Tax Intelligence (DGGI) is scrutinizing several crypto firms for evading taxes in the country after some cryptocurrency exchanges have recently been formally accused of this malpractice
Indiatech’s appeal to Finance Minister Nirmala Sitharaman includes the recognition of cryptocurrencies as digital assets, instead of currencies. It also requests levying a flat 18% GST only on exchanges’ commissions.
Initially planned for consideration in parliament February, India’s cryptocurrency bill was recently postponed with the government reportedly making changes to it.
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