Government to propose to GST Council to impose GST

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Government to propose to GST Council to impose GST
21 Feb 2022
6 min read

News Synopsis

There is a stir around the world regarding Cryptocurrency. Many countries are setting standards for cryptocurrencies. India is also active in cryptocurrencies. The Indian government will reportedly propose to the GST Council to levy GST on companies that provide a platform to miners to mine cryptocurrency assets. 

Also, in its purchase, exchanges use Virtual Digital Assets through Exchange. It has been said in the media report that, at present, the Central Board of Indirect Taxes and Customs (CBIC) is investigating the matter. 

In a statement (via A2Z Tax Corp LLP), CBIC Chairman Vivek Johri has said that there may be a proposal to impose an 18% tax on these companies. He said that all these institutions will pay GST at the same rate as cryptocurrency exchanges will pay 18% tax on the commission earned by them. 

According to the report, Johri has said that the CBIC will complete its internal assessment within a month, then it will be presented to the GST Law Committee and later to the Council of Ministers, where the final decision will be taken.

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