According to CNBC, India’s Goods and Services Tax Board (GST) will consider the idea of imposing a 28% levy on services and other activities related to cryptocurrencies.
The proposal is expected to be tabled at the next Council meeting, the date of which has not yet been determined.
The Indian government believes that cryptocurrencies should be taxed in the same way as lotteries, casinos, racetracks and betting.
In addition to the goods and services tax, crypto investors should also pay a 30% income tax plus additional fees and taxes on income from transactions involving virtual digital assets.