GST On Cryptocurrencies

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  • The Central Economic Intelligence Bureau (CEIB), an arm of the union finance ministry has put forward a proposal to impose 18 per cent GST on bitcoin transactions.
  • The CEIB told the Central Board of Indirect Taxes & Customs (CBIC) that government could potentially gain Rs 7,200 crore annually on bitcoin trading.
  • It suggested finance ministry that bitcoin can be categorised under 'intangible assets' class and GST could be imposed on all transactions.
  • Cryptocurrency can be treated as currents assets and GST charged on the margins made in its trading.
  • Earlier Supreme Court asked the government to come up with cryptocurrency regulation policies. 
  • Currently, bitcoin, as a medium of payment, has neither been authorised nor been regulated by any central authority in India.

Source : business today

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