India government this huge tax on crypto currency 😟😟 - YP Buzz

 YP Buzz - 

                    As the Indian government considers new rules to regulate cryptocurrencies in the country, the indirect tax department is looking at whether maritime exchanges require paying 18% of goods and services (GST).

                                                                              

Crypto Currencies

The 18% slab is designed for large goods and industrial mediators, among other things, while a very high percentage of 28% applies to luxury goods, such as cars. It is similar to the common currency of the stock market.


Indian crypto exchange has already charged its GST users. Taxes are based on trading costs that the exchange adds to the purchase price of Bitcoin, Ethereum, and more. The trade pays GST to the government as part of their normal tax payments. However, crypto exchanges based outside India currently reduce the payment of these taxes, according to the Economic Times (ET).


Also, in order to bring them under the umbrella of the tax, the Indian government can distinguish crypto trade overseas from Indian users as the services of Online Information Database Access and Retrieval (OIDAR).

Questions have not been answered

While it may make sense to have local and overseas crypto exchanges at the same level, there is still an ongoing debate over whether cryptocurrencies are a financial, security, or financial asset.

It is also unclear whether the 18% GST slab will apply to all transactions or only marks. At present, the 18% GST charged by regular brokers is limited to only the financing or commission taken by the company - not everything is done.


Thanks & Regards

 YP Buzz

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