TAXING STATUTES AGAINST THE GROWING GIANT- CRYPTO CURRENCY, AN CRITICAL ANALYSIS
Abstract
Tax is major source of revenue to the government and in return the people of the country get benefits and service of the country. But today this process has been hindered by a technological development called crypto currencies. The lack of legal definitions, the understanding of the concept of this crypto currency, the delayal in implementation of regulations from 2006 till 2022 even now in 2024, though the direct taxation on crypto currencies is implemented by government from 2022, still there is huge lacunae in indirect taxes in addition to the direct tax, which is resulting in great economical loss to the government and less effective financial management over this subject matter. This paper deals about the growth of crypto currencies, its current legislations, the lacunae present and suggestions for development of legal position with regards to taxation for better management.
Keyword : Economy, crypto currencies, virtual digital assets, Indirect tax, direct tax.
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References
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