Big News about Cryptocurrency in India

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If the government classifies cryptocurrency as goods or services, the full value of its transactions will be taxed.

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Let us tell you that in India, transactions of cryptocurrencies are currently classified as financial services.

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Currently 18 percent Goods and Services Tax (GST) is levied only on services provided by crypto exchanges.

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Impact on investors when crypto comes under GST

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GST officials are of the view that cryptos are similar to horse racing, lotteries, casinos, betting and gambling

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Let us tell you that 28 percent GST is levied on any investment related to gambling, lottery, casinos, betting in India.

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A GST official said that we are looking at whether cryptocurrencies can be classified as goods or services or not?

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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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shiba inu coin cryptocurrency: This cryptocurrency made 1 thousand 2.5 crores in just 15 months!

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