“Currently tax is levied only on the part of the services provided by crypto exchanges. Subjecting the whole transaction to tax at a higher slab of 28% could give the markets a free fall,” one tax expert warned.India’s Goods and Services Tax Council will soon make a decision on whether to expand the scope of applicable transactions and levy a 28% GST on all services and activities related to cryptocurrencies, CNBC TV18 reported Monday.
There are various aspects of cryptocurrencies — the transactions involving cryptos, cryptos being used to make purchases, cryptos being received as payments. All these aspects are under examination and will be discussed by the law committee. The sources explained that crypto exchanges in India are currently classified as “an intermediary service” and are taxed at 18% GST. “They will have to be classified separately,” the sources noted, adding:The GST rate for online gaming is currently 18%. However, online games involving betting or gambling are taxed at 28% GST.
Commenting on the Indian government expanding the type of transactions that are subject to GST, Saket Patawari, an executive director at tax consultancy firm Nexdigm, opined:
I'm not surprised after them imposing 30% tax. This sht is crazy
I like'this
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How do get around paying taxes on this?
Thank you very much_,,,!,
Galat news hai... Government public ka 100%paisa leke,nirav modi,mehul choksi,aur vijay malya ko degi aur wo log foreign Jake double karenge
It wants to kill innovation
Today we bid farewell to the number 30 thousand
It is immediately clear how India refers to the crypto-industry, if it levies the same tax as gambling
don't be surprised if the Indian government is gaming the system to bring down the prices but will reverse the decision at an opportune stage.
India contains wonderful mind but rotten mind become the part of government. eventually destroying the possibilities.
Does the Indian government know about scrambled transactions in the blockchain ?
Bhakts must be loving this as well
😡😡
After imposing 110% tax on transaction we will be rich 28%gst tax India Crypto Cryptocrash
This is not the best solution for India.
Why people are still voting for these illiterate beggars? This goverment is the worst in the history of independent india. 28% GST ? EAT MY DUCK GAWARS!
7
Bored news
omg, are they crazy?
It is not good because all countries accepting crypto and it is very good for future
Looking at your tweets feels like you always hear to spread negetivity and shorting and making money by so called followers
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Total 61% Tax 30% Tax 28% GST 2% exchange fees 1% TDS
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28% GST and 30% CGT --- what is the profitability of crypto trading in India ? cryptocurrency CryptoNews cryptocurrencies
How to fuk up innovation and technological advancement of your country 101
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