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GST in the anvil on Crypto Currencies
The Central Board of Indirect Taxes and Customs (CBIC) is working on defining legal framework for applying GST on crypto currencies and virtual digital assets.
The Ministry of Finance, Govt of India, after deciding its legal nature, will fix the GST rate for cryptocurrencies, as it could be in a new GST slab rate, between 18 per cent and 28 per cent, reported Livemint, quoting its sources.
The GST will only be applicable on the margin or service fees, and not on the entire value of the asset, government is also examining the treatment of certain transactions like mining or ‘airdropped crypto tokens.
The Centre has earlier announced a 30 per cent tax on income from crypto assets with effect from April 1, 2022, and 1 per cent TDS on payment of virtual assets more than Rs 10,000 in a year and taxation of such gifts in the hands of recipients from July 1.
Source: Livemint News
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