Indian Finance Ministry suggests 18% GST on Bitcoin transactions

The Indian government is currently reviewing a proposal made to charge 18% Goods and Service tax on Bitcoin transactions which is approximately Rs.40,000 crore every year. This proposal was made by The Central Economic Intelligence Bureau of the Finance Ministry to the Central Board of Indirect Taxes and Customs. CEIB also believes that Bitcoins can come under “intangible assets” category and Imposing this tax can give the government approximately Rs. 7200 crore every year.

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