Bitcoin Under GST

[cointalkzz]

As we all aware of Government Of India is tirelessly working to implement taxes for crypto currency exchanges.Some officials said GST levied on entire transactions of crypto ranging 0.1% to 1%. However it have not come into existence yet. Whether cryptocurrencies comes under Goods and services or it can be a claimable action. On the Other Hand clarity needed in regard to levy of GST by finalizing the classification of currencies. Moreover India is monitoring the crypto transactions by investors for penalty tax as it not comes under IT.

[jackg]

How is it already taxed there if you sell some is it just treated under the laws on capital gains (asset selling) currently?

I don't think a 1%.levy on all transactions would be very useful and would probably just be making things easier for mastercard and visa to compete with them (considering they have less fees and the consumer doesn't have to deal with them).

[elisabetheva]

Maybe we start by knowing what GST is, which stands for Goods and Services Tax. may also be known as VAT (Value Added Tax). GST, this is a tax levy imposed on goods and services or public services.
If you see this, there are many perceptions that can develop that is crypto exchange really as goods and services? if it is determined as it is clearly okay, the government can do that because it is the obligation of every government to implement it.
So if India plans to do this in the future, of course it is not impossible and can be realized, depending on each government.

but if we look at other countries it is the opposite of what the Indian government will do.
Singapore's government tax agency has proposed removing the Goods and Services Tax (GST) from crypto transactions in Singapore. The Inland Revenue Authority of Singapore (IRAS) last weekend published an e-Tax draft guide on “Digital Payment Tokens,” which seeks to relieve any entity dealing with digital assets from GST obligations.
so it all just depends on how the government will implement it, so there is no problem.
what about other countries, whether to implement bitcoin will be and be included in the GST.