Govt working on classification of cryptocurrency under GST law
Currently, 18% GST is levied only on service provided by crypto exchanges and is categorised as financial services
GST officers are of the view that cryptos, by nature, are similar to lottery, casinos, betting, gambling, horse racing, which have 28% of GST on the entire value
The Centre is considering on classification of cryptocurrency under the GST law so that tax can be levied on the entire value of the transaction. At present, 18% Goods and Services Tax (GST) is levied only on services provided by crypto exchanges and is categorised as financial services.
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