Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

India Needs More Time to Clarify Crypto GST Regulation

Published 02/08/2023, 12:28 PM
Updated 02/08/2023, 12:30 PM
India Needs More Time to Clarify Crypto GST Regulation

India Needs More Time to Clarify Crypto GST Regulation

  • The CBIC is yet to conclude how to classify certain areas of crypto transactions.
  • Transactions between parties outside of crypto exchanges and crypto mining are difficult to classify.
  • Officials believe there is a need for international collaboration in forming crypto laws to avoid regulatory arbitrage.

The Indian Central Board of Indirect Taxes and Customs (CBIC) is yet to conclude how to classify certain areas of crypto transactions. These are areas not mainly involved with the sales of goods and the delivery of services. As a result, there is a delay in applying the Goods and Services Tax (GST) to such segments of the crypto industry.

According to reports, investigations on correctly categorizing such transactions are ongoing. The classification of transactions involving the transfer of crypto assets between parties outside of crypto exchanges and the mining of crypto assets are classic examples of areas that have proven to be complicated.

Official sources have stated that the lack of clarity over categorizing such transactions is why the regulators have yet to establish a unified policy for the entire industry. This lack of clarity stems from the fact t…

The post India Needs More Time to Clarify Crypto GST Regulation appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.