Allow taxation on cryptocurrency, define as an asset, have FDI limits: Industry body’s proposal to government

Allow direct and indirect taxation, encourage disclosure and imports. Under income tax, crypto gains can be taxed under capital gains or income from business and profession, while under the Goods and Services Tax (GST), GST should be levied on the brokerage or exchange fees (like it happens in stock markets) and not on the transaction value. The potential GST collections from this could range between Rs 200-600 crore in the next 12 months.

Source: a2ztaxcorp.com

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