Budget 2022–Taxing VDA’s – Will GST follow suit?
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- Last Updated on 15 February, 2022
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P.S. Krishnan & Prashanth C. – [2022] 135 taxmann.com 151 (Article)
By announcing an intention to tax “Virtual Digital asset” (VDA) in the Budget 2022 under Income Tax Act, India has just begun its quest in taxing the Crypto-assets. Although, VDA is proposed to be taxed under the Income tax Act, the Finance Bill is silent on its taxation from GST perspective.
The impending question is whether the GST law has the requisite taxing machineries to tax such VDAs / Crypto-assets without any amendment to the existing law or whether any amendments are required to tax such technological innovations. This article outlines the cue that can be taken from the new VDA definition introduced under Income Tax Act, from GST perspective and the implications on India’s own Central Bank Digital Currency (CBDC).
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