After taxing income from virtual digital assets, the government is looking to soon bring clarity on the applicability of the goods and services tax (GST) on cryptocurrency assets.
At present, there is no specific provision for virtual assets in the GST regulations. It is levied at the rate of 18 per cent only on services provided by crypto exchanges, which are categorised as financial services.
"Discussions have been held around the classification of crypto assets. The law committee and the fitment committee of the GST Council will look into the classification and the tax treatment of crypto assets. The law panel will make suggestions on whether crypto is treated as a good, commodity, or service," a senior government official told Business Standard.
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