Reportedly, India’s Ministry of Finance is forming a research group to examine and formulate taxes on crypto assets.
According to a news reported by the Economic Times (ET), the Government is forming a research group to examine taxation on cryptocurrency trading.
It will decide whether to consider it as an asset and levy capital gains tax or create a new category altogether.
The group is expected to submit its report in 4 weeks.
ET has cited anonymous sources from Government agencies who apprised it of this development.
On September 3, ET had also reported that the Government of India may categorize cryptocurrencies under the asset class.
The Group’s report will lay the foundation stone for the crypto bill.
This formulation might become the first step towards embracing crypto assets.
However, this should not be interpreted as a formal decree until an official statement is released.
Note: Coin Crunch India has not been able to verify the news independently.