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A member of the Indian parliament has asked the government to tax cryptocurrency income at a rate of more than 30%.

The Rajya Sabha, India’s upper house of parliament, is now debating India’s Finance Bill 2022, which includes a proposed 30% tax on crypto revenue.

Sushil Kumar Modi, a member of Parliament, asked the government on Monday to raise the tax rate on cryptocurrency revenue from 30% to 40%. He declares:

“I would like to request the finance minister that the 30% tax that you have imposed on crypto,”
“please consider in the coming days if this tax can be further increased.”

Modi, a member of Parliament, said that cryptocurrency is not a commodity, an asset, a good, or a service, and that it lacks intrinsic value.

He went on to say that, unlike stocks, which are backed by companies, “crypto is gambling.” “Who is behind crypto?” he inquired further.

The parliamentarian went on to say that the 18 percent goods and services tax (GST) only applies to crypto service providers like exchanges, and that this should be increased.

Modi went on to list instances of countries that have implemented greater crypto taxes. According to him, Japan imposes a 55 percent tax, while Germany, France, and Australia levy up to 45 percent.

Investors were holding bitcoins in private wallets before April 1st, according to the parliament member, and “$8 billion worth of crypto assets is expected to leave the nation.”

In addition to the 30% tax on cryptocurrency profits, Indian Finance Minister Nirmala Sitharaman has suggested a 1% tax deducted at source (TDS) on all cryptocurrency transactions. The 1% TDS will be implemented on July 1st, whereas the 30% income tax will be implemented on April 1st.

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