xtinepink Posted May 23, 2018 #1 Posted May 23, 2018 India may experience an 18% tax by this year. The cryptocurrency or digital assets are classified under “intangible goods”. Below are the proposal’s major points: Purchase or sale of cryptocurrencies to be considered as supply of goods, and those facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services. Value of a cryptocurrency may be determined based on the transaction value in rupees or the equivalent of any freely convertible foreign currency. If buyers and sellers are in India, the transaction would be treated as a supply of software and the buyer’s location will be the place of supply. For transfer and sale, the location of the registered person will be the place of supply. However, for sale to non-registered persons, location of the supplier would be considered as the place of supply. Transactions beyond the Indian territory will be liable for integrated GST, and would be considered as import or export of goods. IGST will be levied on cross-border supplies. What do you think of this one? It’s hard if you pay a high percentage of tax especially when you have a lot of things to pay. I forgot about the country who lowered there tax in cryptocurrencies. Hope they do the same. I belive that there are many people in India uses cryptocurrency. What are your thoughts to this one? Source: https://www.ccn.com/india-may-levy-18-percent-tax-on-cryptocurrency-trading-starting-july-2018/
Kargai Posted May 25, 2018 #4 Posted May 25, 2018 13 minutes ago, Kate said: Wasn't this already reported ? According to my knowledge i think it was. Please dont report things already reported again. And i think @Kargai can take care of the . https://forum.stake.com/topic/8919-india-may-levy-18-percent-tax-on-cryptocurrency-trading-starting-july-2018/ Indeed, thanks for mentionning, I merged both topics
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