“Every transaction will be subject to 28% GST if agreed upon by the GST Council.” crypto cryptocurrency bitcoin $BTC
“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:
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