The finance ministry will soon meet with representatives of the cryptocurrency industry to discuss the fine print of indirect taxation on virtual digital assets, sources told Business Today TV.
"We are in the process of gathering more information. There is no decision taken yet on bringing cryptocurrency mining under the goods and services tax. It is under discussion," an official said.
The Central Board of Indirect Taxes and Customs (CBIC) is looking into the aspect of indirect taxes on virtual digital assets. "It is too early to comment if the proposal will be taken up at the next GST council. We are still examining the matter internally. We will also interact with cryptocurrency exchanges to get clarity", the official added.
"We don't see much economic value from cryptocurrencies. If the debate has been on the technological aspect, then RBI's digital currency will also have that underlying blockchain technology. There are no second thoughts on the 30 per cent tax announced on virtual digital assets," Revenue Secretary Tarun Bajaj had said recently at an India Today budget roundtable.
The Finance Ministry has already received several requests from cryptocurrency industry participants for clarity on the taxation regime.
Also read: Private crypto big threat to macroeconomic, financial stability: Shaktikanta Das