India Mulls GST On Trading Of Virtual Currencies

India may levy Goods and Services Tax on cryptocurrency trading, even as there’s lack of clarity about their legal status in the country. The government may levy an 18 percent GST, people with direct knowledge of the matter said requesting anonymity as they weren’t authorised to speak to the media. The proposal, being considered by Central Board of Indirect Taxes and Customs, will be tabled before the GST Council after it’s finalised. Cryptocurrencies could be classified as intangible goods on a par with software. The government can consider levying GST on crypto-trading retrospectively from July 1, 2017 — the day the new indirect tax regime was implemented.

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