Indian Govt. Considering 18% Tax on Crypto Trading/Mining

in #mgsc3 years ago

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The Indian Central Board of Indirect Taxes and Customs is working on a proposal to impose an 18% tax on cryptocurrencies. The proposal will be considered by the Goods and Services Tax (GST) Council once it will finalized, “people with direct knowledge of the matter” told Bloomberg.
According to the proposal: “Purchase or sale of cryptocurrencies should be considered as supply of goods, and those facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services; Value of a cryptocurrency may be determined based on the transaction value in rupees or the equivalent of any freely convertible foreign currency; If buyers and sellers are in India, the transaction would be treated as a supply of software and the buyer’s location will be the place of supply. For transfer and sale, the location of the registered person will be the place of supply. However, for sale to non-registered persons, location of the supplier would be considered as the place of supply. Transactions beyond the Indian territory will be liable for integrated GST, and would be considered as import or export of goods. IGST will be levied on cross-border supplies.”
Further according to the proposal, mining will be classified as a supply of service and Indian miners will have to pay taxes on any fees and rewards they make. Additionally, cryptocurrency exchanges, wallet providers and some miners (those making over Rs 20 lakh) will have to register under the GST.
The meaning of this is that people will have to pay for actions they took about a year or so before the new policy, assuming it will be decided on in a couple of months.

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Its good it means india going to accept crypto

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Crypto should be tax free

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Government should do crypto tax free all over the world.

YEAH TOTALLY CORRECT... AS+LL WE CAN DO IS tO HOPE AND WAIT

I am waiting, i will give 18% tax for cripto currency in india . Please Everyone support cripto currency in india and make a rich and developed india

I believe all crypo traders/Investor are ready to pay taxe...
Indian Govt. must regulate crypto as soon as possible....
Already India is suffering so many problem..of jobs & unemployment...
Crypto is very solution...

India should consider cryptocurrency under GST slab that will be beneficial for everyone including govt

THEY DO WHATEVER THEY WANT ALL IS WE WANT CRYPTO TO BE GET LEGALIZE IN iNDIA

The government of India is supposedly considering imposing a sort of utilization charge on cryptographic money exchanging and notwithstanding mining. The most appalling piece of this proposition is that it might likewise be a retroactive measure, requesting installments for past activities.

I heard the tax was 28% .. which one is correct??

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https://steemit.com/cryptocurrency/@important-to-us/on-1st-week-of-july-we-will-solve-the-crypto-issue-of-india-subhash-chandra-garg-economic-affairs-secretary-of-india-india

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