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India to reduce GST paid on cryptocurrency exchanges from 18% to 1% through regulatory reclassification
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According to a report from CNBC TV18 India, the nation's government plans to reclassify cryptocurrency exchanges as e-commerce platforms, which will reduce the Goods and Services Taxes (GST) users must pay per transaction, or per trade, to 1%.
Currently, the Indian Government levies an 18% GST on transactions conducted on registered cryptocurrency exchanges, which is passed to users as trading fees. The process is similar to the tax protocol of stock brokerages in the country.
However, depending
Read more on cointelegraph.comAbout this in other media
Crypto community, House panel, RBI discuss steps to regulate, track cryptocurrency economictimes.indiatimes.com /2 years ago
Steps to regulate, track crypto mooted economictimes.indiatimes.com /2 years ago
Singaporean crypto exchange enters India amid regulatory uncertainty cointelegraph.com /2 years ago
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