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July 03, 2017, 10:22:10 AM Last edit: July 14, 2017, 04:32:52 PM by Official Blogger |
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Will GST Will Effect ON BITCOIN RATES OR USE AFTER BITCOIN APPROVAL IN INDIA?
Thanks for such a valuable responses
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Prodigan786
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July 04, 2017, 04:05:46 AM |
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Bro what and all your linking with gst bitcoin how it comes under goods and tax service even though its approved in future .if you are earning money by trading bitcoin or selling bitcoin through exchanges you need to pay TDS not gst.
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Official Blogger (OP)
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July 04, 2017, 09:22:09 AM |
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Thanks bro
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savandalsania
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July 04, 2017, 12:09:59 PM |
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i dont think it will have any effect as of now on price. as far as regulating bitcoin is concern , gov. would come up with regulations in month or two
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onrise
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July 04, 2017, 01:10:28 PM |
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I think GST will be applicable on the exchanges since they are providing services so it will fall under GST, if so govt allows the bitcoin in India. Now what percent will it follow etc will be the thing to watch out for might be even 18 % it may be. This becomes secondary for now. But yes traders and exchanges whose turnover will be above 75 lakh need to get GST number and file the returns accordingly.
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Official Blogger (OP)
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July 04, 2017, 01:58:13 PM |
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I think GST will be applicable on the exchanges since they are providing services so it will fall under GST, if so govt allows the bitcoin in India. Now what percent will it follow etc will be the thing to watch out for might be even 18 % it may be. This becomes secondary for now. But yes traders and exchanges whose turnover will be above 75 lakh need to get GST number and file the returns accordingly.
Yes I was also thinking same in that matter well bitcoin should get even more higher price when Indian government legalizes it
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newinbtc
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July 05, 2017, 12:53:15 AM |
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I want to know IF any Exchange service offering GST input benifits because i just got my GSTIN number from Government and i will show this as my other Investments + Input claim on Tax benefits...
More and more GST bills Will save my money Thats the GSTin Funda....
Example You bought Products worth 100 rs with 18 GST and you sold at 300 rs and you collect 18% GST and Now you will get 18% Input Claim From 100 rs from last bill and you have to pay GSt on Profit your make + Income tax
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AK47-
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July 05, 2017, 02:19:10 AM |
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Nobody can certainly say that. Government is still looking into bitcoin and figuring out what needs to be done. They need to look into many things before getting into GST. But I believe once legal bitcoin will fall into tax bracket.
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Benson Samuel
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July 05, 2017, 06:27:12 AM |
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Yes, from Coinsecure. Should be increasing fee to 0.4% for kyc users and 0.6% for non kyc users sometime this week or latest by next week. The fee increase will be inclusive of the 18% GST, so tax refunds, etc can be serviced easier.
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Benson Samuel
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July 05, 2017, 06:29:37 AM |
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I want to know IF any Exchange service offering GST input benifits because i just got my GSTIN number from Government and i will show this as my other Investments + Input claim on Tax benefits...
More and more GST bills Will save my money Thats the GSTin Funda....
Example You bought Products worth 100 rs with 18 GST and you sold at 300 rs and you collect 18% GST and Now you will get 18% Input Claim From 100 rs from last bill and you have to pay GSt on Profit your make + Income tax
We are adding it on Coinsecure, so invoices, etc will start coming through on trades, with the tax component.
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Blackshadow007
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July 05, 2017, 09:11:43 AM |
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Yes, from Coinsecure. Should be increasing fee to 0.4% for kyc users and 0.6% for non kyc users sometime this week or latest by next week. The fee increase will be inclusive of the 18% GST, so tax refunds, etc can be serviced easier.
Cool . I also think that GST shouldn't fall for BTC Trading . Its applicable for the exchanges which providing us the platform of trade , they providing service to us . We are just doing trade in the exchange platform with our own money then how come we give GST for it which is Goods and Service TAX . It should take TDS for earned money via trading or calculate as Capital Gain . I might be wrong may be someone more professional elaborate it more deeply .
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Benson Samuel
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July 05, 2017, 09:19:21 AM |
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Yes, from Coinsecure. Should be increasing fee to 0.4% for kyc users and 0.6% for non kyc users sometime this week or latest by next week. The fee increase will be inclusive of the 18% GST, so tax refunds, etc can be serviced easier.
Cool . I also think that GST shouldn't fall for BTC Trading . Its applicable for the exchanges which providing us the platform of trade , they providing service to us . We are just doing trade in the exchange platform with our own money then how come we give GST for it which is Goods and Service TAX . It should take TDS for earned money via trading or calculate as Capital Gain . I might be wrong may be someone more professional elaborate it more deeply . We pay the GST, for the service provided. That is the fee being transferred onto the user. Till date, we were paying Service Tax from the 0.3% collected. TDS would not apply as we do not buy or sell your coins, that should happen on either peer side.
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Blackshadow007
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July 05, 2017, 09:33:52 AM |
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Yes, from Coinsecure. Should be increasing fee to 0.4% for kyc users and 0.6% for non kyc users sometime this week or latest by next week. The fee increase will be inclusive of the 18% GST, so tax refunds, etc can be serviced easier.
Cool . I also think that GST shouldn't fall for BTC Trading . Its applicable for the exchanges which providing us the platform of trade , they providing service to us . We are just doing trade in the exchange platform with our own money then how come we give GST for it which is Goods and Service TAX . It should take TDS for earned money via trading or calculate as Capital Gain . I might be wrong may be someone more professional elaborate it more deeply . We pay the GST, for the service provided. That is the fee being transferred onto the user. Till date, we were paying Service Tax from the 0.3% collected. TDS would not apply as we do not buy or sell your coins, that should happen on either peer side. that's what i meant actually , i was talking about us { The customers of CS [ any bitcoin exchange ] } that we don't need to pay GST for BTC Trading since we are not providing anyone service / goods .
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Benson Samuel
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July 05, 2017, 09:38:57 AM |
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Yes, from Coinsecure. Should be increasing fee to 0.4% for kyc users and 0.6% for non kyc users sometime this week or latest by next week. The fee increase will be inclusive of the 18% GST, so tax refunds, etc can be serviced easier.
Cool . I also think that GST shouldn't fall for BTC Trading . Its applicable for the exchanges which providing us the platform of trade , they providing service to us . We are just doing trade in the exchange platform with our own money then how come we give GST for it which is Goods and Service TAX . It should take TDS for earned money via trading or calculate as Capital Gain . I might be wrong may be someone more professional elaborate it more deeply . We pay the GST, for the service provided. That is the fee being transferred onto the user. Till date, we were paying Service Tax from the 0.3% collected. TDS would not apply as we do not buy or sell your coins, that should happen on either peer side. that's what i meant actually , i was talking about us { The customers of CS [ any bitcoin exchange ] } that we don't need to pay GST for BTC Trading since we are not providing anyone service / goods . Yup, this is correct. From a user perspective, GST wont apply. Check with your Tax consultant though.. Am not an advisor on tax for sure. We as an exchange are doing this mainly to add some transparency and remove the tax component from our core fee expected earnings.
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erikalui
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July 05, 2017, 10:58:22 AM |
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0.4% tax? Which means 0.004 btc per 1 BTC and almost 640 bucks. I don't blame coinsecure but this GSt has ruined everything. All exchanges now must have increased their taxes even more.
After demonetization, instead of taxes getting reduced, they increased. My whole life will go paying for Modi's foreign trips.
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Benson Samuel
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July 05, 2017, 05:11:17 PM |
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0.4% tax? Which means 0.004 btc per 1 BTC and almost 640 bucks. I don't blame coinsecure but this GSt has ruined everything. All exchanges now must have increased their taxes even more.
After demonetization, instead of taxes getting reduced, they increased. My whole life will go paying for Modi's foreign trips.
0.4% fee erikalui.. The exact number fee was 0.354% which is 0.3%(existing) + 18% GST.. Rounded up to 2 decimals, so 0.4%. If am not wrong, there is a procedure to apply for a GST refund. So, it does seem beneficial in the overall space. Not sure as yet though as it is still shiny new stuff.
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SimonJones
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July 05, 2017, 07:11:59 PM |
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0.4% tax? Which means 0.004 btc per 1 BTC and almost 640 bucks. I don't blame coinsecure but this GSt has ruined everything. All exchanges now must have increased their taxes even more.
After demonetization, instead of taxes getting reduced, they increased. My whole life will go paying for Modi's foreign trips.
Haha exactly. Don't know why people are so happy about GST. When the Govt. earns more it is inevitable that the people lose by paying more taxes. GST has led to increase in taxes in almost all areas except for a very few. First work on reducing corruption in government before trying to collect as much taxes as possible.
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erikalui
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July 05, 2017, 10:02:34 PM |
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0.4% fee erikalui.. The exact number fee was 0.354% which is 0.3%(existing) + 18% GST.. Rounded up to 2 decimals, so 0.4%.
If am not wrong, there is a procedure to apply for a GST refund. So, it does seem beneficial in the overall space. Not sure as yet though as it is still shiny new stuff.
Same thing....Fee, tax. I don't know how to react as all prices have increased by almost double now and exchanges are making me go in a loss rather than profit. Glad that coinsecure has a higher price than the current market rate which can atleast now cover that fee. Haha exactly. Don't know why people are so happy about GST. When the Govt. earns more it is inevitable that the people lose by paying more taxes. GST has led to increase in taxes in almost all areas except for a very few. First work on reducing corruption in government before trying to collect as much taxes as possible.
Who is happy? I soon won't be able to pay for bread and butter now Every since GST has been announced, my mobile is flooded with messages that every salon/grocery store/bank has now increased their rates. I need to take a loan only to pay taxes
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karan1498
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July 07, 2017, 08:05:54 AM |
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I think GST will be applicable on the exchanges since they are providing services so it will fall under GST, if so govt allows the bitcoin in India. Now what percent will it follow etc will be the thing to watch out for might be even 18 % it may be. This becomes secondary for now. But yes traders and exchanges whose turnover will be above 75 lakh need to get GST number and file the returns accordingly.
bro i am trader and i have more than 75 lac turn over , but me and my CA both are confused and dont have an answer wheter to get gst number or no
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Blackshadow007
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July 07, 2017, 03:16:15 PM |
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I think GST will be applicable on the exchanges since they are providing services so it will fall under GST, if so govt allows the bitcoin in India. Now what percent will it follow etc will be the thing to watch out for might be even 18 % it may be. This becomes secondary for now. But yes traders and exchanges whose turnover will be above 75 lakh need to get GST number and file the returns accordingly.
bro i am trader and i have more than 75 lac turn over , but me and my CA both are confused and dont have an answer wheter to get gst number or no I think its quite simple that you don't need as i stated above if you are trading only for your own profit and gains . Unless you are not providing / selling service to anyone throughout your trades or selling any goods you basically don't need GST to worry about . However we still unclear about the fate of Cryptocurrency legality in India and for that we have to wait only . But if you trading for your own profit and gains then you must have to keep record and proof of all your btc trade to Fiat and Fiat to BTC conversions and file ITR for it for the profit gained throughout your trade .
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