A GST committee is believed to be studying various crypto activities such as trading, wallet, and staking to formulate appropriate tax provisions.
Indian Tax Authorities Mulling Highest 28% GST Slab for Crypto Activities: Report
Right now, 18% GST is levied on crypto exchanges, considered as intermediaries selling assets from foreign crypto exchanges to Indian people and formally categorized as financial services. “There are various aspects of cryptocurrencies – the transactions involving cryptos, cryptos being used to make purchases, cryptos being received as payments. All these aspects are under examination and will be discussed by the law committee,”Besides the anticipated 28% GST, crypto investors are required to pay 30% capital gains tax and 1% TDS. There are also some cess and surcharges to be paid by the investors.
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