India ponders Bitcoin tax law to target $5B market
Cointelegraph
Published Dec 29, 2020 05:59AM ET
Updated Dec 29, 2020 07:40AM ET
India’s finance ministry has called for the enactment of Bitcoin (BTC) tax laws in the country. According to the Times of India, the ministry’s Central Economic Intelligence Bureau, or CEIB, recently submitted a draft document that proposes levying an 18% goods and services tax on Bitcoin trading.
CEIB figures put the estimated Bitcoin transaction volume in India at over $5.4 billion. Thus, the proposed 18% tax could see the government earning about $970 million from crypto taxation.
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Written By: Cointelegraph
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