Indian Govt looking to update Tax laws In the upcoming budget to tax cryptocurrency gains

  • The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the Budget next year, a top official said.
  • Revenue Secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is “very clear” that the rate would be applicable as those in case of other services.
  • He mentioned that “we will see whether we can actually bring in some changes in law position or not. But that would be a Budget activity. We are already nearing the Budget”
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