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.
