India's crypto industry has appealed to the government over the taxation of digital assets

The Indiatech association called on the authorities to amend the existing tax legislation

10.01.2022 - 14:40

1 min

What’s new? India's industry association Indiatech has sent a letter to the country's Finance Minister Nirmala Sitharaman asking about the taxation of cryptocurrencies. The association represents India's largest cryptocurrency exchanges, including Coinswitch Kuber, Wazirx, and Coindcx.

Information on The Economic Times website

What does the letter say? Indiatech has asked the Finance Minister to clarify the principles of cryptocurrency taxation in the upcoming Union Budget 2022-23. The association has urged the government to amend the existing tax legislation and also appealed to Nirmal Sitharaman to recognize cryptocurrencies as digital assets rather than currency.

What does the Indiatech representative say? Some crypto exchanges have been accused of evading the Goods and Services Tax (GST). India's Directorate General of Goods and Services Taxes Intelligence is scrutinizing several cryptocurrency platforms for tax evasion. Rameesh Kailasam, president and CEO of the industry association said:

“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.”

Author: