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Taxation Of Virtual Assets In The Metaverse




Gaurav Singh Sengar, B.A.LLB (Hons), BML Munjal University

ABSTRACT

The advent of the metaverse and the increasing widespread use of virtual assets pose special prospects and predicaments for taxation. The existing tax frameworks across the globe, including India, are insufficiently equipped to handle the distinctive complexities of virtual assets in the metaverse. There is a growing recognition among governments of the necessity to modify tax legislation to accommodate the digital economy.

The imposition of taxes on virtual assets in the metaverse is essential for governments to generate income and establish a just and equitable taxation framework. The process of ascertaining the suitable tax categorization for said assets is a broad undertaking. In this paper the author will try to focus on the measures taken by the government across the globe with a prime focus on India. The author will examine these rules and regulations and compare them with those around the globe.

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Indian Journal of Law and Legal Research

Abbreviation: IJLLR

ISSN: 2582-8878

Website: www.ijllr.com

Accessibility: Open Access

License: Creative Commons 4.0

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​All research articles published in The Indian Journal of Law and Legal Research are fully open access. i.e. immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

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The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the IJLLR or its members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the IJLLR.

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