India Considers 18% GST on Bitcoin Transactions
The Indian government is reportedly mulling over imposing an 18% goods and services tax (GST) on bitcoin transactions. According to the Central Economic Intelligence Bureau, the government could gain Rs 7,200 crore annually from this bitcoin taxation. 18% GST on Bitcoin Trades The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has proposed imposing an 18% goods and services tax (GST) on bitcoin transactions, the Times of India reported Tuesday. The CEIB, which acts as the finance ministry’s think tank, recently conducted a study on levying GST on....
Related News
The Indian government is reportedly considering imposing a 28% goods and services tax (GST) on all crypto transactions. “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.
Council Mulls Over 28% GST on Crypto Transactions
India’s Goods and Services Tax (GST) 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....
India’s Goods and Service Tax (GST) Council is likely to introduce a 28% GST on all crypto transactions. This news has been a major shocker for crypto enthusiasts in the country. This GST might supposedly be levied on all activities and services related to cryptocurrency. The government of India is of the opinion that Virtual […]
India’s payments authority, the National Payments Corporation of India, has reportedly said that it will not ban cryptocurrency transactions. Banks are to make their own decision whether to allow crypto transactions. The National Payments Corporation of India (NCPI), has refused to ban cryptocurrency transactions, local media reported Thursday. NCPI runs the Unified Payments Interface (UPI), an instant real-time payment system that facilitates inter-bank transactions. It is regulated by the central bank, the Reserve Bank of India (RBI). Instead of banning crypto transactions, NCPI....
India is reportedly considering allowing only preapproved cryptocurrencies to be listed and traded on exchanges. In addition, the government aims to both introduce and pass a cryptocurrency law by year-end.
Indian Crypto Regulation and Preapproved Cryptocurrencies
India is considering allowing only cryptocurrencies that have been “preapproved by the government” to be listed and traded on exchanges, Reuters reported Thursday, citing two sources familiar with the discussions.
The approval process is intentionally cumbersome to deter investors from holding....
Following a December raid in Ahmedabad, India on Mahim Gupta's property due to his project Buysellbitco.in, along with a firm warning from the Reserve Bank of India, exchanges and other bitcoin services in the country have been on-edge about associating themselves with the digital currency. But it seems like things may be changing. Bitcoin buy-and-sell house Unocoin will be resuming the business on the 8th of January (Wednesday). As of today, users will be able to log in and view their wallets. It's all thanks to the Bitcoin Alliance of India, and specifically lawyer Nishith Desai - who....