Cabinet can charge taxes on the Cryptocurrencies in the upcoming Cryptocurrency Bill

However, the authorities made it clear that these digital currencies won’t be counted under the valid asset class, despite being taxed for its exchange. 

According to the report published by Economic Times, the Government of India is looking forward to initiating cryptocurrency trades and ecosystems across national boundaries.

The government has now involved the tax agency to intrude in the transaction procedure and manage the services related to the exchange of Bitcoin, Ethereum, Dogecoin etc. The tax department is in agreement to allocate tax slabs for essential commodities. This will allow exchanges and transactions through the crypto mode.

However, the authorities made it clear that these digital currencies won’t be counted under the valid asset class, despite being taxed for its exchange. The government believes that if any field of work that produces income must be subjected to pay tax.

Henceforth, the cabinet is all set to pass on the bill on cryptocurrency to the parliament for further deliberation.

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