GST Tax And BTC Trading

[karan1498]

Does BTC come under GST or it is exempted? anyone any thoughts ?

[kabit9]

how many more pointless topics are we going to see regarding bitcoin/cryptocurrency regulation in India?

we already know that the Govt is working on drafting laws - so either we can keep speculating in the dark, or wait till there is some clarity...

[AK47-]

Does BTC come under GST or it is exempted? anyone any thoughts ?

At present nobody can speculate that for sure. Government of India is still busy in figuring out what to do with bitcoin and what regulations to put. There are some people in that panel who call bitcoin a ponzi scheme. There is lot to go. That GST part is quite far as per now.

[S_D]

Does BTC come under GST or it is exempted? anyone any thoughts ?

If you are talking tax on fees charged on purchasing cryptos by exchanges, that shall be GST 18% now.
As for categorization of cryptos we are still on standby.

[onrise]

First let us get the clear view from govt if they are allowing bitcoin in India or not and if yes they are under what conditions. What will be the implication to the exchanges and traders and then they will decide under what % this cytocurrency should fit in whether 18 % or 28% etc.

[karan1498]

idk , i am very noob in this tax stuff . and i am holding current accs and do lot of tx from it for trading btc's . so was wondering if i need to get that GST number thing .

[onrise]

idk , i am very noob in this tax stuff . and i am holding current accs and do lot of tx from it for trading btc's . so was wondering if i need to get that GST number thing .

You would be require to get GST tax number since you said you do lot of tx. If you yearly turnover is less than 20 L than you do not have to do anything. If  you turnover is under  75 L than you can use the composite scheme and pay accordingly and if its above 75 L than you will have to follow the normal procedure which govt has laid down.

[cryptoheadd]

idk , i am very noob in this tax stuff . and i am holding current accs and do lot of tx from it for trading btc's . so was wondering if i need to get that GST number thing .

I don't think you need a GST registration number, if you're trading using your personal bank accounts.
Only businesses need them.

[S_D]

Guys please do not spread FUD and rumors. Tag and point to respective sections of the act or bill drafts if you are advising something, that's a good way to answer legal questions.
If you aren't aware of the what act or section to point at, you probably aren't the best person to give legal advices.

As for answer seekers, get a professional to assist you!
We get 3.5+ years of rigorous hammering of laws & procedures of our legal systems for a reason. Also when you receive a show cause letter, 'a random guy on internet suggested me to do so' isn't the best reply.

[karan1498]

I don't think you need a GST registration number, if you're trading using your personal bank accounts.
Only businesses need them.

mine is individual current acc and already crossing more than 30-40lac turnover .

I asked my CA about it but all in my city are not so informed about BTC , so its not helping me much .

[Blackshadow007]

I don't think you need a GST registration number, if you're trading using your personal bank accounts.
Only businesses need them.

mine is individual current acc and already crossing more than 30-40lac turnover .

I asked my CA about it but all in my city are not so informed about BTC , so its not helping me much .

GST applicable for any service / goods sale 20 Lakh+ Yearly turnover businesses as far i heard from my tax lawyer . I am still not sure about bitcoin status for it , since Indian Govt' still didn't give any accurate legalization for it we have to wait for that announcement sadly .

[webtricks]

Does BTC come under GST or it is exempted? anyone any thoughts ?

BTC is presently unregulated in India and unregulated item can't be taxed. Moreover, it depends on government decision whether it going to acclaim Bitcoin as money or assets. If it comes under monetary equivalents then it will be subject to income tax whereas if it goes as asset (investment) then pretty sure it will be GST taxed.

[epitome]

What is the general opinion about GST,i heard hotels are ripping off customers in the name of GST tax, which is really odd and i am not sure what they are charging are legal,i think there is a lot of confusions regarding it and the tax slabs are the highest in the world.

[niisarearning]

As far i seen we are paying GST only for transaction charge took by exchanges like 1% transaction charge + 18% transaction charge for that fee . Lets say 10000 rs transaction you have to pay 100 rs fee + 18% of 100 rs = 118 rs  So for the transaction 10000 you have t pay 10118 rs.

[S_D]

As far i seen we are paying GST only for transaction charge took by exchanges like 1% transaction charge + 18% transaction charge for that fee . Lets say 10000 rs transaction you have to pay 100 rs fee + 18% of 100 rs = 118 rs  So for the transaction 10000 you have t pay 10118 rs.

Perfectly explained. As for Unocoin I am not sure how they are paying taxes only on fees, as they are literally providing bitcoin as commodity and not a service of co-ordinating between two traders.