India Proposes 18% GST Tax on Cryptocurrency

[kreslik.news]

Indian tax authority is reportedly mulling plans to impose a new 18% Goods and Services Tax (GST) on the trading of cryptocurrencies.

Bloomberg reported this morning that the tax will be part of a proposal being considered by Central Board of Indirect Taxes and Customs to classify cryptocurrencies as intangible or commodities, rather than currencies or securities.

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This should clear the air on the status of such digital assets and how they will be taxed, though its use in illegal activities would have to be dealt with under other laws.

The Indian government ... (read more)