Govt likely to propose 18% GST on crypto mining, trading entities

business-standard.com:

The Centre will take a proposal to the Goods and Services Tax Council (GST Council) to levy GST on entities that provide a mining platform for cryptocurrency assets and those who use virtual digital assets as a medium of exchange in purchases. While the Central Board of Indirect Taxes and Customs (CBIC) is examining the matter, its Chairman Vivek Johri told Business Standard the proposal could be to tax these of 18 per cent.

At 18 per cent, these entities would be paying GST at the same rate as the one on commissions earned by cryptocurrency exchanges. Johri said the CBIC would ...

Key stories on business-standard.com are available to premium subscribers only.

MONTHLY STAR

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

SMART ANNUAL

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have