GST Applied to Crypto Transactions Soon. How It Might Affect Traders?

Cryptocblog11 Nov, 2022Other

According to a recent report, framing these rules would stop any revenue loss to the exchequer caused by a lack of understanding regarding the true nature of these assets. The report also stated, citing sources familiar with the development, that GST rates for cryptocurrencies may range from 18 to 28%. The finance ministry seeks to ?define the characteristics of cryptocurrencies, their usage, and how they fit into the existing legal framework,? according to a report by Mint. The two sources, who asked for anonymity, stated that once the legal nature has been determined, the appropriate GST rate will be set.