The government is working on a comprehensive indirect tax regime for crypto assets, which will check revenue loss to the exchequer due to the uncertain nature of these assets, reported Livemint on Monday. “We are still discussing the applicability of in case of crypto assets…right now, it is levied on services… so we need to see if crypto assets are declared as a good or service. We have had a few discussions on it and will arrive at a decision soon," one of the two people told Livemint. This comes amid heated debates on crypto assets in India as the has said they are a threat to the nation's financial stability. On the other hand, the is in touch with multilateral agencies and the Bank for International Settlements to develop a consensus on regulating such assets, reported Livemint.

Source: Mint September 19, 2022 19:27 UTC