Virtual currency crypto has not yet received legal approval but the government has started making money. The central government has recovered Rs. 95.86 crore has been recovered. The country’s top cryptocurrency exchanges including WazirX, CoinSwitch Kuber, Coin DCX, UCOIN, Unocoin, and FlitPay have been fined Rs. 95.86 crore has been recovered, the finance ministry said.
It also includes Zeb IT Services, Secure Bitcoin Traders, Geotus Technologies, ZebPay, and Decidum Internet Labs. A total of Rs 81.54 crore was stolen from 11 cryptocurrency exchanges under GST. Including interest and penalty totaling Rs. 95.86 crore has been recovered. The highest form of WazirX is Rs. 49.18 crores, Rs. 17.1 crore, from Coinswitch Kuber Rs. 16.07 crore has been recovered. It is mandatory to pay GST on all goods and services transactions taking place in the country. The Income Tax Act, of 1961 has no separate provision for income generated by cryptocurrency.
3-4 crore volumes are happening daily in the crypto
Crypto exchanges operating in the country have a daily volume of 3 to 4 crores. An estimated 25 crypto exchanges are operating in the country, both large and small. The number of registered crypto investors in the top crypto exchanges like WazirX, CoinDCX is over 10 million. The central government expects revenue growth under GST through these crypto exchanges shortly.
45000 crore transaction 15 thousand crore revenue
According to Chain Analysis, 7.30 percent of the country’s population, or more than 100 million Indians, invest an estimated 6 6 billion in cryptocurrencies. Crypto will be taxed at 30 percent from the next financial year. Under the current crypto holding, if the transaction is done by investors, the government can earn an average of Rs 15,000 crore through taxes.
Demand for an increase in tax on cryptocurrency by 30%
India, like Japan, Germany, France, and Austria, has demanded that cryptocurrency transactions are covered under gambling and a 55 percent tax be levied on them. BJP MP Sushil Kumar Modi has not defined cryptocurrency as a commodity, property, or goods or services. The rate of 18 percent GST applicable to crypto service providers should also be increased.