Cryptocurrency investors in India are going to get a good news that the government is planning to levy an 18% Goods and Services Tax (GST) on virtual currency trading from July in the country.
Although the issue of digital currency’s legality is pending in country’s apex court, proposal on levying 18 per cent tax is being considered by the Central Board of Indirect Taxes and Customs.
After finalization of the proposal it will be presented before the GST council.
According to report of Bloomberg, the cryptocurrencies could be classified under “intangible goods,” on par with other software systems and separate laws would be enacted to check the usage of virtual currencies from being used in criminal activities.
Cryptocurrency traders and investors are of the opinion that it is a positive move towards making digital currency acceptable months after propagation of a negative news against the digital currencies by Indian central bank.