Indian Government Throws Another Bomb For Crypto Community!

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The government is working on the classification of cryptocurrency as goods or services under the Goods and Services Tax (GST) law.

According to a PTI report, if the GST is imposed on the entire transaction of cryptocurrency then the GST rate can be between 0.1-1%. The decision is expected to be taken during the 47th GST Council Meeting. The meeting will take place at the end of March or the beginning of April 2022.

While the GST slabs have not been defined for crypto so far, the crypto entities are currently paying 18% GST on the services they provide.

As per the government’s, from April 1 , a 30% income tax and surcharges will be imposed on crypto transactions.

Overall, investors, crypto traders and crypto exchanges showed mixed reactions towards levy of cryptocurrencies.