India wants to tax bitcoin like gambling

In India, higher taxation of cryptocurrencies like Bitcoin (BTC) is under discussion.

According to information available to CNBC-TV18 , an Indian subsidiary of the US TV channel CNBC, the tax on crypto services is to be increased to 28 percent.

Currently the tax is 18 percent.

“The proposal would soon see 28 percent GST on services and all cryptocurrency-related activities, ” an inside source tells CNBC-TV18.

GST stands for Goods and Services Tax. This is a tax that is levied centrally on goods and services, similar to VAT.

At 28 percent, the tax would be comparatively high. Among other things, gambling is also subject to the higher tax rate.

After all, a ban on cryptocurrencies was also discussed in India for a long time. But now they have switched and “only” want to make life difficult for the industry .

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