Indian Govt. introducing GST on Cryptocurrency assets – Katoch Tubes
India aims to add gst to crypto assets
India aims to add gst to crypto assets
The Current Scenario
The Current Scenario
As per the existing taxation system, Indian users have to pay 30% tax on capital gains & 1% TDS on every crypto transaction.
Clarification in Taxation
Clarification in Taxation
The taxation does not include the component of GST but TDS provisions. GST will be an additional slab added to virtual assets.
Crypto & GST tax Slab
Crypto & GST tax Slab
Acc. to a report by Livemint, the govt. is planning to introduce GST tax slabs to shape indirect tax on crypto assets
The GST Tax rate
The GST Tax rate
The GST tax slabs rate could be anywhere between 18 to 28 per cent. It's more likely to be at 28 per cent.
Where it will be applied?
Where it will be applied?
The GST will only be applicable on the margin or service fees, and not on the entire value of the asset.
Decline in Transactions
Decline in Transactions
After the announcement. The volume of transaction has declined in India & users are switching to foreign exchanges
What about Crypto ban?
What about Crypto ban?
Right now, there's no news on crypto ban in India but the focus is on taxing the crypto assets in a structured manner.
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