The federal government is taking a look at classifying cryptocurrency exchanges as e-commerce platforms and imposing 1 per cent tax collected at supply on them beneath the products and providers tax (GST) regime. The deliberate transfer is geared toward monitoring digital foreign money transactions if the federal government decides to control the area.
Cryptocurrency exchanges have been proposed to be labeled into three classes: Those who act as a facilitator, brokerages that permit shopping for and promoting, and buying and selling platforms that present an interface for buying and selling. These might need to be registered beneath GST and acquire TCS …
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First Revealed: Wed, November 17 2021. 06:03 IST
