Indian Government to Impose GST on Cryptocurrencies

[coinpediaJordan]

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Indian Government is levying goods and services tax, GST on cryptocurrency trades. authorities are imposing 18 percent GST on cryptocurrencies.

Check out here detail info: https://coinpedia.org/news/indian-government-to-impose-gst-on-crypto-currencies/

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[Pattberry]

So what is the basic situation here, there are contradicting statements from India all the time, if the government is planning to impose GST on cryptocurrencies then why do they want to restrict the flow of money in these exchanges and send a circulation to banks to stop having business with these exchanges, i am still not sure how things will end up but hopefully they wont levy a big tax so that it is hard to attain profit.

[drmilind2004]

So what is the basic situation here, there are contradicting statements from India all the time, if the government is planning to impose GST on cryptocurrencies then why do they want to restrict the flow of money in these exchanges and send a circulation to banks to stop having business with these exchanges, i am still not sure how things will end up but hopefully they wont levy a big tax so that it is hard to attain profit.

This topic has already been discussed at fair length in another thread on this sub-forum:

https://bitcointalk.org/index.php?topic=4171319.0

[Somz1]

Don't even think of giving anything to the corrupt government, if they want get on profits, ask them to give you gst incentives for any losses you have made, will they accept? Nope? So don't even bother

[Pankaj Jayani]

Fake details.

[superstarbtc]

indian government is in confusion and dilemma what to do with Cryptocurrency and future of bitcoin and cryptocurrency trading is in doll drums

[savioroshan]

Yes I think Indian government will finally regulate cryptocurrencies instead of banning them . Banning will be a foolish decision as India is the major IT hub of the world.

[Clement Kaliyar]

Yes I think Indian government will finally regulate cryptocurrencies instead of banning them . Banning will be a foolish decision as India is the major IT hub of the world.

I do not think that there is a sane person in this government that would understand the technology, majority of the politicians from the ruling party are fighting over religion and other stupid things which have no benefit for the citizens and they are in the course to rewrite history most of the times rather than sticking to reality, so i do not have any hope in this government to come up with something brilliant. I am sure if they implement GST for crypto currency they will be the highest in the world as they are busy building golden toilets to the poor, people who follow politics will understand what i just meant.

[ankurguta87]

Government may levy an 18 per cent GST after classifying cryptocurrencies as intangible goods on par with software,
and that the proposal will be tabled before the GST Council after the Central Board of Indirect Taxes and Customs evaluates it.

In this new proposal to slap GST on this trade, purchase or sale of cryptocurrencies would be considered as supply of goods,
and those facilitating transactions - say transfer, storage, accounting, supply, et al - would be treated as services.

[fernando desouza]

as per my openion indian goverment impose GST on cryptocurrencies and other taxes in near time.

[djbabu]

Hi,

I think this is a fake news from coinpedia to get more hits

If its not a legal tender than how GST will be imposed ?

Its like mixing Water and fire and expecting oil

[Punit kumar]

Indian govt don't want to regulate them but want to levy taxes on everything. In two months time, they are going to stop all banking services to Cryptocurrency exchanges then how can they levy a tax on it. On one hand they want to put an end to crypto in the country and on other hand they want taxes. Well played.

[chetanvineeta]

Well this is not fair. They don't want us to invest/trade freely in cryptocurrency but they want to tax us more by imposing GST . In this way, I don't think our transactions will ever be profitable if they levy impose 18% GST on them.

[endlasuresh]

Well this is not fair. They don't want us to invest/trade freely in cryptocurrency but they want to tax us more by imposing GST . In this way, I don't think our transactions will ever be profitable if they levy impose 18% GST on them.

It's only for MODI Governancy. How about Nirav Modi who thefted billions of money without GST.