India cannot miss the Web3 bus, says MoS IT Satej Patil

Opposes Centre’s move to levy 28% GST on Crypto Currencies

Sanjay JogUpdated: Tuesday, May 10, 2022, 06:44 PM IST
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Satej Patil | PTI

Maharashtra Minister of State for Home and Information Technology Satej Patil on Tuesday hit out at the Central Government over its proposal of levying 28% GST on Crypto Currencies. He said that it will not only impact crores of retail investors in the country but also force the start-ups to move out of the country.

“GOI must stop penalizing the booming #web3 industry in India with mindless taxes after taxes. India missed the dot com bus and we will once again miss the Web3 bus because of some in the Union govt who do not understand the future of technology! #Blockchain #Crypto,” said Patil in a tweet.

He was responding to the Goods and Services Tax (GST) Council’s proposal to levy 28% tax on Crypto Currencies over and above income tax and tax deducted at the source (IT and TDS). ‘’These impacts not only crores of retail investors in India but also all the blockchain & web3 start-ups. With major Indian web3 startups moving to Dubai and Singapore because of unfriendly regulations, start-ups & brain drain has become a major cause of concern among industry leaders,’’ he said.

Patil said that the Centre should be mindful about the Web3 industry before taking any steps related to the tax on this booming industry.

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