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Taxes on Bitcoin Trading In India: A Confusing Two-Pronged Attack On Cryptocurrencies? - Dazeinfo
Why there is a case for Indian government, regulators to embrace cryptocurrency market Virtual Currencies like Bitcoin, Ethereum, and Mon-roe find them-selves in a grey area in India. Tax will be collected from the miner on transaction fees or reward. If the value of the re-ward exceeds Rs. Wallet ser-vice providers should be registered under GST. Cryptocurrency exchanges need to register and pay tax on their earning.
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- India Plans Twin Taxes on Exchanges and Traders Before Passing Crypto Bill: Report?
Trading may attract 18 percent GST. Buying and selling of crypto currencies will be considered under the category of supply of goods. Other related facilitating transactions will be counted under services and these would include supply, transfer, storage, accounting, among others. The transaction value in rupees or the equivalent of any freely convertible foreign currency will be used to determine the value of cryptocurrency.
In a scenario where both buyer and seller are in India, a transaction would be treated, as a supply of soft-ware and the buyer's location will be the place of supply. For transfer and sale, the location of the registered person will be the place of supply.
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However, in a scenario where sale has to be made to non-registered persons, the location of the supplier would be considered as the place of supply. Integrated GST would be applicable for transactions conducted be-yond the Indian territory and would be considered as import or export of goods. IGST will be levied on cross-border supplies. Currency or Not. Bitcoin Global Scenario. Bitcoin Indian Scenario. Get direct help with your questions about GST software It is also very evident from […] Introduction: With the developments all around, the need and discussion for virtual currency is witnessing a huge demand all around the globe.
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For our understanding it is to be noted that a virtual currency has no physical form, and it does not provide its owner with any inherent rights to property or another currency. User Menu. Tag Cryptocurrency — Bitcoin. Articles News Judiciary Notifications. History of Money: From Barter to Cryptocurrencies.
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