Bybit, a global cryptocurrency exchange, recently announced that it will be applying 18% Goods and Services Tax (GST) for Indian crypto users, starting from July 7, 2025. The GST amount will be directly deducted from the assets received. Moreover, the exchange also put an end to legacy products and services.
Under the new GST regulation in India, Bybit will apply GST to all transfers involving users and merchants, and the tax will be calculated based on the spread. The chargeable events include:
Bybit reported that over 310,000 active Indian users will be impacted by the new 18% GST. For example, on a ₹2,000 trading fee, users will have to pay ₹360 in GST, making the total tax amount ₹2,360. Users will be able to see the amount of GST charged under their transaction history, alongside the respective fees, as reported by Bybit.
Alongside the implementation of GST, Bybit is also launching the termination of some products and services from July 9, 2025, 8 AM UTC.
India first enforced strict crypto taxation in 2022 with a 30% capital gains tax and 1% TDS on every transaction. The users were already unhappy with the harsh tax regime, which resulted in a decline in trading activity and dissatisfied customers. Now, with an additional tax, the crypto users’ reaction remains to be seen.
Bybit will charge an 18% GST on trading fees, staking, withdrawals, and fiat transactions, deducted directly from asset receipts.
Spot, margin, derivatives, fiat purchases, staking services, and withdrawals may all incur GST based on fees and order spreads.
Over 310,000 Indian users will pay more in taxes, making crypto trading costlier and possibly affecting trading volume.
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