Earlier this month, a group of ministers chaired by Meghalaya Chief Minister Konrad Sangma unanimously decided to raise the tax rate on such services to 28 per cent. The report should be submitted to the Ministry of Finance. But so far the report has not been officially submitted to the GST Council. The final decision on the poison is made by the GST Council.
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The move is expected to help boost government tax revenue. At the same time, a section of people point out that all online games should not be included in the 28 per cent GST slab. Many of the games are just for fun. There are also those who point out that there is no clarity on the issue of tax to be levied on different gaming formats.
There have been reports that higher taxes may apply to cryptocurrencies as well. However, it was later reported that the GST Council would not recommend a 28 per cent tax on crypto services. Indications are that crypto services may not be considered in the tax slab equivalent to online gaming. Gambling and lotteries are currently taxed at 28 percent.
Avoiding services and transactions such as crypto mining from the higher tax structure will help investors. Profits from Nilil crypto are subject to higher income tax. All cryptocurrencies are subject to 30% tax and 1% TDS. The proposal had led to a sharp drop in the trading volume of all cryptocurrency exchanges in the country.
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