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The goods and services tax (GST) policy wing of the Central Board of Indirect Taxes and Customs (CBIC) is conducting an in-depth analysis to widen the coverage of tax on the crypto ecosystem. It is looking to bring in more…
Fitment committee defers clarification on tax burden for crypto ecosystem. No clarity on GST applicability on crypto exchanges and activities such as mining, barter, wallets, sources. Fitment committee defers clarification on tax burden for crypto ecosystemNo clarity on GST applicability…
The Central Board of Direct Taxes (CBDT) will release a list of frequently asked questions (FAQ) on cryptocurrency tax before July 1. During an event hosted by the Income Tax Department as part of the Ministry of Finance’s ‘Iconic Week…
The Government of India is mulling over imposing a reverse charge GST on customers using foreign crypto platforms, as previously reported by Business Today. A Finance Ministry official told Business Today, “If a crypto exchange is based out of India,…
The Goods and Service Tax (GST) Council is likely to consider levying 28 percent GST on cryptocurrencies. The government’s view is to keep cryptocurrencies at par with lottery, casinos, race course, betting, sources told CNBC-TV18. The GST Council has nominated…
Government on Monday said Rs. 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest. Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and…
Cryptocurrency gains will be taxed at 30 per cent beginning April 1, 2022. It’s the highest tax bracket and the rate is the same as earnings from a lottery. This would apply to all virtual digital assets (VDA) and their…
Finance Minister Nirmala Sitharaman said Tuesday she sees possibility of tax revenue generation for the government from crypto assets, days after the government proposed a tax of 30% on income from cryptocurrencies and other digital assets in the Budget. “Many…
Source: Economic Times dated 11.02.2022 The finance ministry will soon meet with representatives of the cryptocurrency industry to discuss the fine print of indirect taxation on virtual digital assets, Business Today TV reported. The Central Board of Indirect Taxes and…
Source: Economic Times dated 10.02.2022 The government is examining the applicability of goods and services tax (GST) on various cryptocurrency transactions including mining of these digital assets. The issue is being examined internally at the Central Board of Indirect Taxes…