India to reduce GST paid on cryptocurrency exchanges from 18% to 1% through r...
Despite the growing popularity of cryptocurrencies in India, lawmakers remain deeply divided on implementing a proper regulatory framework. According to a report from CNBC TV18 India, the nation's government plans to reclassify cryptocurrency exchanges as e-commerce platforms, which will reduce the Goods and Services Taxes (GST) users must pay per transaction, or per trade, to 1%. Currently, the Indian Government levies an 18% GST on transactions conducted on registered cryptocurrency exchanges, which is passed to users as trading fees. The process is similar to the tax protocol of India's....
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Cryptocurrency trading volumes across exchanges in India have plunged after the country’s 1% tax deducted at source (TDS) went into effect at the beginning of the month. Some major crypto exchanges saw volumes dropping by about 80%.
Crypto Trading Volumes Fall Across India
The trading volumes across crypto exchanges in India have fallen sharply after the new TDS (tax deducted at source) went into effect on July 1.
Trading volumes on major Indian crypto exchanges Wazirx, Coindcx, Zebpay, and Bitbns plunged about 83%, 70%, 76%, and over 18%, respectively, from....
The Deputy Governor of the Reserve Bank of India announced the central bank's intention to set up a blockchain committee to reduce the usage of currency notes. India is one of the largest cash dependent nations in the world. A majority of people in the world’s largest democracy have the tendency to use cash for most of the transactions. This has created a challenge for the Indian central bank —The Reserve Bank of India to maintain the liquidity in the country’s monetary system. In order to ensure there are enough bank notes to go around, the premier bank is forced to print more currency....
India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges Saturday. Their offices were searched and “massive goods and services tax (GST) evasion has been detected by DGGI.” Tax Authorities Say Cryptocurrency Exchanges Have Been Evading GST Tax India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges across the country Saturday. Citing official sources, ANI news agency detailed: Around half dozen offices of cryptocurrency service providers have been searched and massive....
It is time for Bitcoin exchanges serving the Indian market to up their game or lose out on the little quorum of existing customer base. India is forecasted to be one of the largest Bitcoin markets in terms of potential. The country is still waking up to the Bitcoin revolution with a small percentage of population already using Bitcoin for transactions, remittances and also trading. Given a large promise shining in the immediate future, it is high time the Bitcoin Companies in India get to work, with enthusiasm and intensity each morning. Bitcoin Exchanges in India, Homegrown and....
A number of cryptocurrency exchanges in India are disabling rupee deposits, particularly payments using the Unified Payments Interface (UPI) system. This followed a statement issued by the National Payments Corporation of India (NPCI) regarding the usage of the UPI system by crypto exchanges.
Indian Exchanges Stop Offering Major Payment Options
Options to deposit Indian rupees at cryptocurrency exchanges are dwindling. A growing number of cryptocurrency exchanges have disabled INR deposits using the Unified Payments Interface (UPI) system, which is the most widely used....