While the Indian Crypto community is recovering from the 30 percent crypto tax, India’s Central Board of Indirect Taxes and Customs (CBIC) is working on a policy paper to bring more crypto activities under the GST tax net.
If reports are to be believed, The paper will bring crypto mining platforms and the usage of virtual digital assets (VDAs) as a medium of exchange in purchases
The Goods and Services Tax (GST) policy wing of the CBIC is working on a policy paper and it would be submitted to the law committee of the GST Council once ready.
The GST Council may take up the issue later this year, likely post its September meeting
While the Indian Government is planning to bring More Crypto Activities Under taxation after the infamous 30 percent tax, On Tuesday the Financial Times reported that Thailand had dropped the plans of a 15% capital gains tax on cryptocurrencies.
Earlier this year, Thailand announced its intent to impose a capital gain tax on miners and traders. However, this move was met with strong opposition from both politicians and the country’s growing cryptocurrency community.