Revenue Secretary Tarun Bajaj said that in terms of income tax, some people are already giving money profits tax on the income from cryptocurrency, and in respect of GST) also the government law is “very clear” that the price would be appropriate as those in case of additional services.
The government is thinking of changes in the income tax laws to produce cryptocurrencies under the tax net, with some modifications that could form part of the Budget next year, a top official said.
“We will take a call. I know that already people are giving taxes on it. Now that it has improved a lot, we will see whether we can make some changes in law positions or not. But that would be a Statement activity. We are already nearing the Statement, we have to look at that point of time,” Bajaj told.