GST on more crypto deals off the table for now

GST

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• Nov 14, 2022

The government may not widen the coverage of the goods and services tax (GST) soon to more crypto activities as the industry is struggling after it imposed a 30% income tax on crypto gains from the current fiscal year amid a global meltdown of such assets. Currently, an 18% GST is levied only on services provided by crypto exchanges, which currently accounts for the bulk of crypto-related activities in India. Besides exchange services, the crypto ecosystem involves various other activities, including mining, wallet services, payment processing and the barter system. Crypto assets refer to the algorithm-based decentralised convertible virtual assets protected by cryptography.

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