Indian regulator preparing for another blow to cryptocurrency community

As per varios media reports published on May 9, 2022 in India, The Good and Service Tax (GST) council is likely to consider imposing 28 percent GST on cryptocurrencies.

As per reports which was not independently verified, the GST Council has constituted a committee which will soon take up on the proposal to impose GST on all activities and services related to cryptocurrency.

Currently, 18% tax is levied on service provided by crypto exchnages only i.e. sale and purchase of crypto tokens. It is not clear how GST will be levied on service provided by Decentralized exchanges and Finance platform.

As soon as news break out, Indian social media is buzzed and most of the people are worried about the news. Crypto community is already fighting the ongoing bear market which has nearly eroded $0.5T of wealth.

One twitter user depicted the return which one will get after all the taxes as