According to The Times of India report on Tuesday, The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry has proposed imposing an 18% goods and services #tax (GST) on bitcoin
transactions.
Does proposing taxes on Bitcoin does it mean it become #legal now? The answer is still unclear, because, “Under Indian law, illegal income is also taxable & evading its tax counts as criminal activity.”
But charging 18% taxes is fair enough? “CEIB has suggested that bitcoins can be categorized under ‘intangible assets’
class and a GST levy could be imposed on all transactions.”
“The board has suggested that the cryptocurrency can be treated as current assets and GST charged on the margins
made in its trading,”
Still, there are lots of confusion in the mind of investors, the questions like:-
- Bought BTC in 2017 Or Earlier, How much it will tax.
- Bought BTC, now Trade-in Alts, How much it will tax.
- Bitcoin bought in OTC, how does it affect
- Gaining daily income from mining & farming schemes does its tax as well.
- How govt will evaluate all the transactions, n so on?
These questions are still unanswered and we may see more light on these in the coming months.
Thanking you !
#cryptocurrency #india #adoption #crypto
