VATupdate

Govt likely to classify cryptocurrency exchanges as e-commerce platforms; levy 1% GST

Back in July, it was reported that India could ask foreign exchanges to charge the same 18% GST to their customers as their domestic businesses when conducting businesses with Indians. However, according to CNBC TV18 India, the government of India aims to categorize cryptocurrency exchanges as e-commerce platforms, lowering the Goods and Services Tax (GST) customers must pay per transaction, or per trade, from 18% to 1%.  The Centre is planning to classify cryptocurrency exchanges as e-commerce platforms and levy a one percent tax collected at source on them under the goods and services tax (GST) regime.

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