The taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of state etc
“Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.
It typically does not exist in physical form (like paper money) and is typically not issued by a central authority.
So Basically, Crptocurrency is not Money.So it is covered under GST.
Buying and selling of crypto currencies will be considered under the category of supply of goods.
- Trading may attract 18 percent GST.
Source Taxguru
