India May Subject Crypto Transaction Tax


India is putting together a proposal to make cryptocurrency transactions subject to a GST. The Central Board of Indirect Taxes is considering a 18% tax to cryptocurrency transactions. They consider the purchase of coins a supply of goods, this includes the transfer, storage, accounting and all other actions related to the block chain.

So far India has been lax in issuing regulations on cryptocurrencies, although the central bank has been working to reduce the use among businesses and citizens. The central bank barred domestic institutions from servicing cryptocurrency businesses, but it has not been too successful in curbing the growth of new exchanges.

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