If investors make money investing in Bitcoin and other cryptocurrencies, they should pay taxes whether or not the space is regulated in the country, Revenue Secretary Tarun Bajaj told CNBC-TV18 in an exclusive interview.
“If you make profits in cryptocurrencies, if you make money out of a particular deal, we would like to have our taxes,” he said. Whether or not it is regulated or legit, we want our tax revenues, he added.
The ministry is working on a similar concept to ensuring people pay taxes when they make money in the cryptocurrency system, he said. However, he added he is not aware of the latest developments in the Department of Economic Affair regarding cryptos. However, he added, the department is considering whatever is coming in the media and discussed all over the place.
The government is likely to move the cryptocurrency bill at the start of the Winter session of the Parliament, sources had told CNBC-TV18 Monday. While a previous draft was considering a cryptocurrency ban, the ministry is modifying the bill.
Later, Nirmala Sitharaman, the Finance Minister had said a blanket ban on cryptocurrency is off-table but the government will take a cautious approach towards these volatile digital tokens. She had also indicated that the Reserve Bank of India could come up with a central bank digital currency,
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was scheduled to be tabled during the Budget session earlier this year. However, it couldn't go through as it didn't address all the concerns. The Winter Session of the parliament is expected to begin on November 29.
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