18% goods and services tax considered for cryptos in India

Asia India Taxes

According to Bloomberg, the government of India intends to apply a goods and services tax (GST) on cryptocurrency exchange operations

To apply the 18 per cent tax, cryptocurrencies would be considered “intangible goods”. According to that definition, supplying, transferring, storing, accounting and other would be considered services

Taxing cryptocurrencies would mean more legitimacy for the industry in a country where it faces many challenges, including an outright ban on cryptocurrencies dealings introduced by the Reserve Bank of India’s (RBI).

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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