That ceiling is apparently only for goods and not services, so it wouldn't be applicable to me. Here's some more information: https://www.moneylife.in/article/9-facts-you-must-know-about-the-new-gst-limit-of-rs40-lakh/56112.html

Thanks avikz!

sardasa, I don't want to go off topic or into specifics, but I'm middle aged and have a lot of professional experience in my field which translated into this situation. Hope that answers your question somewhat.

Thanks for your reply avikz! I have a few more questions if you don't mind...

1. I am a freelancer but normally I'd be liable to register for GST because my income in INR would be more than 20lpa. From what I know, export of services under GST is zero rated but I'll need to furnish proof that I'm receiving money in a foreign currency. In case of getting paid in Bitcoin, that would not be possible since I won't receive anything in my bank account. Would you know anything more about how I can handle this?
2. When paying TDS and income tax, do you think I should pay it based on my invoice amount as opposed to the value of BTC?
3. Also, if I convert BTC to INR in the future, will there be tax issues at that point since I'll be receiving money in my bank account then?
4. RBI has said that bitcoin is not legal tender, so will I be doing something illegal by receiving money as BTC?

Thanks

Hi All,

I'm planning on using bitwage.com to invoice international clients in their currency but get paid 100% in bitcoin. Should I pay taxes on it now or after I convert bitcoin to INR in the future? The website needs a full KYC, so it's not anonymous.

Thanks