GST On Cryptocurrency: After levying 30 percent tax on profits from cryptocurrencies and 1 percent TDS on all crypto transactions, cryptocurrencies are set to be brought under the purview of GST (Goods and Services Tax). It is believed that 28 percent GST can be levied on cryptocurrencies and related services.
Decision possible in next GST Council meeting
The meeting of the GST Council is likely to be held in the month of May. In which there is a possibility of discussion regarding the imposition of GST (Goods and Services Tax) on cryptocurrencies and in that meeting a decision can be taken on keeping cryptocurrencies in the 28 percent slab. Currently, crypto exchanges have to pay 18 percent GST for providing their services.
committee will decide
The GST Council has formed a committee which will discuss and decide on the imposition of 28 percent GST on cryptocurrencies and related services. After the decision is taken in this committee, it will be placed before the next meeting of the GST Council.
Tax on cryptocurrencies!
However, from April 1, 2022, the provision of 30 percent tax on cryptocurrency profits has been implemented. From July 1, 2022, 1 percent TDS will have to be paid on all crypto transactions whether sold for profit or loss. The enthusiasm for investing in cryptocurrencies has waned ever since the 30 per cent tax provision came into effect. This may further decrease after the TDS is levied. But if 28 percent GST is imposed on cryptocurrencies, then the problems of the crypto industry may increase further.
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