Big News about Cryptocurrency in India
The government is working on the classification of cryptocurrency as goods or services under the GST law
If the government classifies cryptocurrency as goods or services, the full value of its transactions will be taxed.
Let us tell you that in India, transactions of cryptocurrencies are currently classified as financial services.
Currently 18 percent Goods and Services Tax (GST) is levied only on services provided by crypto exchanges.
Impact on investors when crypto comes under GST
Let us know that if it comes under GST, what will be the effect on the investors who invest in crypto?
GST officials are of the view that cryptos are similar to horse racing, lotteries, casinos, betting and gambling
Let us tell you that 28 percent GST is levied on any investment related to gambling, lottery, casinos, betting in India.
A GST official said that we are looking at whether cryptocurrencies can be classified as goods or services or not?
Another official said that if GST is levied on the entire transaction of cryptocurrencies, then this rate could be in the range of 0.1 to 1 per cent.
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