The government announced to tax crypto resources, from this year, many individuals uncovered their crypto payment, guaranteeing that it was installment for some work they did during the year. While direct tax rules are basic and will be taxed at 30%, another difficulty has emerged as GST, tax specialists say.
It isn’t yet clear the amount GST is appropriate to these exchanges or then again on the off chance that these exchanges can be viewed as authentic.
“The receipt of consideration in the form of cryptocurrencies may not be equivalent to the receipt of money in convertible currencies and therefore any export benefits by the Indian exporter would have a direct impact. The RBI guidelines had previously equated even the receipt of money in Indian rupees as equivalent to foreign currency and it remains to be seen how the issue clears up,” said Abhishek A Rastogi, a partner at law firm Khaitan and Co.