India is working on how the goods and services tax (GST) could apply to crypto transactions. cryptocurrency bitcoin
However, the source was quoted as saying: “We can have a special rate for it. It may not necessarily be 18% or 28% — maybe somewhere between that. We have had a few discussions on it and will arrive at a decision soon.”A better understanding of how cryptocurrencies fit into our legal system is the prerequisite for the decision on the GST rate.
The GST will only be applicable on the margin or service fees, and not on the entire value of the asset, the publication conveyed, adding that the government is also examining the treatment of certain transactions, like mining or airdropped crypto tokens. An Indian ministerial panel reportedly met at the end of June to discuss the GST tax on crypto transactions. However, the officials did not disclose any decision that came out of the meeting.
The Indian government has already started taxing crypto income and transactions. A 30% tax on income from crypto assets went into effect on April 1. Additionally, a 1% tax deducted at source on payment of crypto assets started applying on July 1. Meanwhile, the Indian government is also working on the country’s crypto policy. In an effort to become Financial Action Task Force compliant, the government plans to
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