Can this new GST proposal "Save Bitcoin In India" ?

3년 전

Hello Steemians from India

Given the uncertainties pertaining to bitcoins & other cryptocurrencies and delay in Supreme court's judgement on mainstreaming these cryptocurrencies, one thing is crystal clear – It will take a lot of time for these assets to be widely accepted and circulated as a currency in India.

bttc.png

Despite all the limitations and uncertainties, India is still ranked among the top five countries in the world, which holds a lion’s share of bitcoin value.

Whether or not Supreme court passes it’s judgement this month, The Central Board of Indirect Taxes and Customs has started evaluating a proposal that will be presented before the GST Council of India shortly.


Important points of this proposal are as under

GST proposal for Miners

  • “Mining” of Bitcoin or any other cryptocurrencies in India to be treated as a supply of service as it produces cryptocurrencies as a reward and involves transaction fees.

  • Transaction fees or rewards should attract taxes.

  • Miners should have to register themselves under GST ( Goods & Service Taxes ) if the value of the mined crypto asset exceeds Rs. 20,00,000/- per annum.

GST proposal for Traders

  • Trading, transfer, storage, supply etc. of cryptocurrencies should be considered under
    supply of Goods & Service category.

  • A cryptocurrency transaction between an Indian buyer (residing in India) and an Indian seller (residing in India) will be considered as a supply of “SOFTWARE”.

  • A cryptocurrency transaction between an Indian buyer or seller and a foreign national should be considered as an import & export of goods and IGST will be levied on this cross-border transaction.

  • The price of the cryptocurrency should be determined by the transaction value of Indian rupee or any freely convertible foreign currency.

  • Place of Supply: Location of the GST registered person will be considered the place of supply. If the is made to a non registered person, then the location of the transferor will be considered as the place of Supply.

  • Indian Wallet Service Providers will have to register them under GST


What do you think guys? Are we reaching somewhere? I would love to hear from you in the comments.

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Offcourse Bitcoin is legal in India at this moment as well and we can buy and sell crypto currency with p2p method given by exchanges like Wazirx and Bitbns..

I hope supreme Court of India will soon give the decision to enable upload and receive funds directly from exchanges

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hi.. cryptomoneymntra.agree. just one correction, the btc is made illegal by RBI .. all the banks have been given clear instruction by RBI to take action against bitcoin exchanges and INDIVIDUALS who are using banks to buy and sell BTC.. many bank accounts of individuals got frozen last month.. there is a fear among BTC traders.. If you want to check it out then I encouragr you to buy btc from localbitcoin.com or atleast interact with traders. Many BTC exchanges had to shut down their operations cz they are not getting INR influx from the banks.. It is an attempt to chock the BTC ecosystem by RBI, GOVT and Income Tax Dept.. And that is why, there is a case in supreme court against them

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Pls apply gst on crypto.. But get regulate

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Let's hope so !!

  ·  3년 전

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i dont think i should be apply on both mining and trading. crypto meant to decentralize from government control. it certainly defeat the purpose of crypto if gst is applied.

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this is one way to regulate it in India.. lets see what unfolds in coming days !!

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