India considering GST on crypto transactions amid evaluation of sector’s legality
The Indian government is working on implementing a goods and services (GST) tax on crypto transactions as legwork for determining the legality of the sector is underway, according to a Sept. 19 Livemint report. The GST tax will become an indirect tax regime on crypto assets.
According to the report, the tax rate could fall between 18% to 28%. At this stage, India’s finance ministry is working on determining the applicability of GST for crypto assets and has yet to decide whether they are declared as a good or service as the purchase is levied on services, Livemint’s two sources reported anonymously. WazirX’s Vice President Rajgopal Menon said that based on the details available at the moment, “the GST will only be applicable on margin or service fees, and not on the entire value of the asset.”.
Source
@CryptoWorldAnalysis
