{"id":133605,"date":"2020-12-29T12:00:13","date_gmt":"2020-12-29T06:30:13","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=133605"},"modified":"2020-12-29T11:44:31","modified_gmt":"2020-12-29T06:14:31","slug":"india-considers-proposal-to-tax-bitcoin-transactions-at-18","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/india-considers-proposal-to-tax-bitcoin-transactions-at-18\/","title":{"rendered":"India considers proposal to tax Bitcoin transactions at 18%"},"content":{"rendered":"

The Indian Government has moved towards potentially implementing a tax of 18% on Bitcoin trading in the country.<\/p>\n

According to reports<\/a>, the central government is currently weighing a proposal to impose a Goods and Services (GST) tax on Bitcoin, which is estimated to amount to Rupees 40,000 crores ($5.45 billion)\u00a0 annually.<\/p>\n

The proposal was put forward by the Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, that has reportedly been surveying the potential taxation of cryptocurrency in India.<\/p>\n

The Goods and Services (GST) tax would treat Bitcoin as an \u2018intangible asset\u2019 and a GST levy could be imposed on all transactions.<\/p>\n

Reportedly, the CEIB has also proposed treating cryptocurrency as a \u2018current asset\u2019 which would enable GST to be charged on margins to be made in its trading.<\/p>\n

This is a significant amount, if imposed, on every Bitcoin trade, as India currently ranks second in Asia, for being the country that trades the most amount of Bitcoin.<\/p>\n

According to data from Paxful<\/a>, India has traded Bitcoins worth a total amount of $74,915,214 in 2020 alone, which is an increase of 347% from 2019.<\/p>\n

This sharp increase in cryptocurrency trading came after the Supreme Court lifted a two-year ban imposed by the Reserve Bank of India (RBI) on the trading of cryptocurrencies by banks and financial institutions.<\/p>\n

There is currently no regulator for cryptocurrency in the country and crypto exchanges in the country have continued to operate without the burden of regulatory compliance for the time being.<\/p>\n

However, it is uncertain how the potential implementation of such a tax on cryptocurrency may impact the environment for trading crypto in India.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Indian Government has moved towards potentially implementing a tax of 18% on Bitcoin trading in the country. According to reports, the central government is currently weighing a proposal to impose a Goods and Services (GST) tax on Bitcoin, which is estimated to amount to Rupees 40,000 crores ($5.45 billion)\u00a0 annually. The proposal was putContinue reading “India considers proposal to tax Bitcoin transactions at 18%”<\/span><\/a><\/p>\n","protected":false},"author":36,"featured_media":133610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,66,3,4,20],"tags":[],"class_list":["post-133605","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nIndia considers proposal to tax Bitcoin transactions at 18% - AMBCrypto<\/title>\n<meta name=\"description\" content=\"According to reports, the central government is currently weighing a proposal to impose a Goods and Services (GST) tax on Bitcoin...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ambcrypto.com\/india-considers-proposal-to-tax-bitcoin-transactions-at-18\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India considers proposal to tax Bitcoin transactions at 18% - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The Indian Government has moved towards potentially implementing a tax of 18% on Bitcoin trading in the country. 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