India’s ministry of finance is reportedly working on how the goods and services tax (GST) could apply to crypto transactions. “A better understanding of how cryptocurrencies fit into our legal system is the prerequisite for the decision on the GST rate,” a source told local media.
India’s Goods and Services Tax Could Soon Apply to Crypto Transactions
India’s finance ministry is reportedly working on a comprehensive goods and services tax (GST) regime, Livemint reported Monday. A source told the publication:
We are still discussing the applicability of GST in the case of crypto assets. Right now, it is levied on services, so we need to see if crypto assets are declared as a good or service.
Previously, local media reported that the government was considering imposing either an 18% or a 28% GST on crypto assets.
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...
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