Indian Rajya Sabha Member Calls for Higher Taxation on Cryptocurrency Income

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The India Finance Bill 2022, which contained a proposal to tax a 30% premium on all cryptocurrency income, has come into consideration in Rajya Sabha, the upper house of India’s parliament.

A member of the parliament, Sushil Kumar Modi, reportedly called on the Indian government yesterday to increase the current 30% income tax rate on cryptocurrency, asserting:

“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 also argued that cryptocurrency did not fall into any of the traditional asset classes, including commodities, goods, or a service, explaining that it lacks intrinsic value. The upper parliament member also argued that while stocks have companies backing them, “crypto is gambling.” Modi further asked, “Who are [the people] behind crypto?”

The Rajya Sabha member further assessed that crypto service providers, like exchanges and trading platforms, are only taxed based on the 18% goods and services tax (GST), arguing that this has to increase. Modi argued:

“Cryptos are similar to lottery, casino betting, gambling, and horse racing. In all these activities, 28% tax (GST) is imposed on the total transaction value … So I request to you that the GST council needs to consider imposing GST on the total transaction value of crypto.”

Rajya Sabha Member Modi Argues that Investors Could Siphon Funds Out of India

The government official stressed: “Investors are attracted by extraordinary profits,” adding “no one knows what is the value of crypto.”

Modi later highlighted other countries that impose heavy taxes on crypto income, citing that Japan has a 55% crypto tax while Germany, France, and Australia all have up to 45% taxation on crypto income.

Finally, the government official argued that investors have been moving cryptocurrencies into private wallets, adding that “$8 billion worth of crypto assets are expected to go out of the country.”