In a recent interview with Forkast, MP Sushil Kumar Modi said that crypto earnings in the country should be taxed at 50 percent rather than the existing 30 percent.
Since Finance Minister Nirmala Sitharaman released the Union Budget 2022-23 on February 1, Kumar Modi has campaigned for a higher tax rate on digital assets. He suggested that a higher taxation regime would “dissuade” investors from investing in “speculative” assets. This time, again, he remarked, “Nobody knows what cryptocurrency is.” That is why we must discourage and disincentivize “these financial investments.”
The legislator then compared cryptocurrency to high-risk sectors such as gambling, the lottery, casinos, and horse racing. An association that has also divided the larger industry. Aditya Singh, a cryptocurrency investor and analyst, had previously signed a petition in March asking the same question.
MP Sushil Kumar Modi believes that, in addition to the direct tax bracket, crypto service providers should be subject to an 18 percent goods and services tax (GST).
Meanwhile, India remains a leading cryptocurrency market. According to a recent Gemini survey, India ranks third in the number of first-time crypto investors, with 54 percent of Indians getting started in 2021. However, MP Sushil Kumar Modi makes it plain what awaits these investors. “The government wants to make life difficult for individuals who invest in cryptocurrencies. That is the gist of everything. That is the primary goal of the whole tax.”
