India Ready With Consultation Paper on Cryptocurrencies: Report

India’s Economic Affairs Secretary Ajay Seth on Monday said a consultation paper on cryptocurrencies has been finalized and will be submitted soon. A lot of consultation has been done from both domestic and other participants, Seth said on the sidelines of an event organized by the Finance Ministry. The India government is ready with its consultation paper on cryptocurrencies, economic affairs secretary Ajay Seth told reporters that there needed to be a global consensus reached on crypto and India would look at regulations enforced in other countries. https://t.co/3i0K6HIi1p — Wu Blockchain (@WuBlockchain) May 30, 2022 Seth said there needed to be a global consensus reached on cryptocurrencies and India would look at regulations enforced in other countries before deciding how it would regulate. India has levied tax gains made through cryptocurrency investments at 30% but the country has still not given the measure legal status. Additionally, the 30% tax on income from these transactions also includes a 1% deduction at source. The country’s goods and services tax (GST) council is also mulling a 28% tax on cryptocurrencies, at par with the current GST on casinos, betting, and lottery. Services such as crypto mining along with sales and purchases are likely to attract the 28% GST if the proposal goes through in the next GST meeting, reports stated. The 28% GST will be in addition to the 30% income tax on earnings from crypto-asse...