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MP Sushil Kumar Modi Calls For Increased Taxes On Cryptocurrencies

On Monday, Bharatiya Janata Party (BJP) member and Member of Parliament (MP) Sushil Kumar Modi asked the government to increase the taxes on cryptocurrencies from the current 30%. Modi added, “Crypto is gambling. It is a form of lottery, horse racing, and more. So, when you put money in share markets, you know companies who are behind it but who is behind crypto?”

While commenting on a discussion about the Appropriation Bill 2022 and the Finance Bill 2022 (moved in Rajya Sabha by Finance Minister Nirmala Sitharaman), Modi mentioned online gaming, digital lending, social media, etc edtech should also be regulated. Modi also added that the Information Technology Act 2000 must be updated to meet the current and future challenges. 

He further added, “I would like to request the finance minister that the 30 per cent tax that you have imposed on crypto, please consider in the coming days if this tax can be further increased.” Drawing similarities between cryptos and assets, Modi mentioned, “Cryptos are not an asset, security, commodity, or service. Cryptos are similar to casino betting, lottery, gambling and horse racing. In all these activities, 28% tax (GST) is imposed on the total transaction value… So I request that the GST council must impose GST on the total transaction value of crypto.” 

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He further stated, “Investors are attracted by extraordinary profits, no one knows what is the value of crypto.” Countries like Japan, Germany, Austria, and France have imposed up to 55% tax on cryptocurrencies, and Kumar wants India to follow suit. The US has imposed a 37% tax on cryptos, while Germany, France, and Austria opted for a tax of up to 45%. Modi pointed out that investors have been parking these currencies in private wallets before 1st April and it is expected that around $8 billion worth of crypto assets might go out of the country. 

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