Bitcoin to be taxed ?

NewDelhi Jan 19: The Union Budget would be presented on Feb 1 this year by Union Finance Minister Arun Jaitley and many people have many demands but experts and people believe that upcoming
budget would provide a clarity on taxation of Bitcoin in India.

Earlier the FM has said that Cryptocurrency is not a legal tender and the customers must bear the risk and the government had formed an expert committee in this regard and the report had been submitted. The government may decide to tax or ban it because

# Many traders and investor are using Bitcoins to open Ponzi schemes and people are being cheated.
# It cannot be traced and is being used in terror funding, hawala, human trafficking, purchase of weapons
# If used in service sector for transactions the government loses taxes
# No clarity on what taxation should be imposed such as GST, Income tax or Capital gains tax.

Finally, lets wait till next budget to get a clarity on cryptocurrencies as the currency valuation has increased in recent days.