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What does a GST probe against exchanges mean for crypto taxation?
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business-standard.comThe dawn of the new year failed to bring with it any regulatory clarity on cryptocurrencies or how they can be taxed in India. And this has its consequences.
Last week, the Central Goods and Services Tax Mumbai Zone said, it had detected GST evasion of Rs 40.5 crore on commission earned by Indian crypto exchange WazirX. The Mumbai-based crypto firm had to cough up Rs 49.2 crore, which included its GST dues plus interest.
The contention was that WazirX wasn’t paying GST on the commissions that it charged on transactions through its platform. If the transaction is in Indian rupees or cryptocurrencies such as Bitcoin and Ether, WazirX charges a commission of 0.2%.
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