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.
This story is from the June 09, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 09, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Manoj Bajpayee: A not-so-definitive biography
Bhiku Mhatre stays with you long after you have watched Ram Gopal Varma's 1998 classic, Satya.
FOREST FIRES SCORCHED 38,100 HA OF TREE COVER IN OVER 2 DECADES
The devastating forest fires in Uttarakhand, captured by satellite images, have brought widespread attention to the extensive destruction they have caused.
WhatsApp bans record 22 mn accounts in 01 '24
It had blocked 75 million Indian accounts between January and December 2023
T+1 SETTLEMENT REGIME FOR CUSTODIAN BANKS Capital market exposure norms revised
The Reserve Bank of India (RBI) has revised the guidelines for custodian banks to issue Irrevocable Payment Commitments (IPCS) in light of the T+1 settlement regime for stocks.
Tighter rules for project finance proposed
The Reserve Bank of India (RBI) on Friday proposed to set a floor for banks' loan exposure for project finance for consortium lending and mandated 5 per cent standard asset in the construction phase.
RBI allows standalone PDs to borrow in foreign currency
May access overdraft facilities in nostro accounts solely for operational use
Bajaj Finance stock likely to get a boost after RBI lifts restrictions
The Reserve Bank of India's (RBI's) decision to lift curbs on Bajaj Finance's two products earlier than expected sent the stock on a tear on Friday.
REC powers ahead on strong Q4 and healthy outlook
An improving NPA (non-performing asset) situation coupled with a higher loan disbursal has led to renewed interest in non-bank financier REC, which is the nodal agency for major central power programmes such as Revamped Distribution Scheme (RDSS), Saubhagya, DDUGJY, and Rooftop Solar (RTS).
FPIs domiciled at GIFT City allowed to issue P-notes
Move could boost issuance, drive flows into domestic mkts: Experts
Have some risk appetite? Invest in highly rated company FDs
While they offer higher returns than bank FDs, they are not protected by deposit insurance
