India plans to lower the GST paid on cryptocurrency exchanges from 18% to 1% by regulatory reclassification

  • According to a report, the nation’s government plans to reclassify cryptocurrency exchanges as e-commerce platforms, which will reduce the Goods and Services Taxes users must pay per transaction, or per trade, to 1%. Currently, the Indian Government levies an 18% GST on transactions conducted on registered cryptocurrency exchanges, which is passed to users as trading fees.
  • Back in July, Business Insider India reported that the government may ask foreign cryptocurrency exchanges to charge the same 18% GST as domestic equivalents to their clients when conducting business with Indian nationals.
  • Overseas crypto exchanges are typically exempt from GST registration in India, resulting in a sizable tax gap between users of different exchanges.
[Via]
Total
0
Shares

Sign Up for NextBigWhat Newsletter

Daily.