India’s Tax on Cryptocurrency: Bloomberg announced yesterday that India may soon impose an 18% GST on cryptocurrency transactions despite the country’s legal ambiguity. At present, the Intermediate Indirect Tax and Customs Committee are reviewing the proposal and submit it to the GST Council after completion.

As mentioned above, digital assets can be categorized as “intangible goods” just like other software systems, and the agency added that separate laws will be introduced to deal with the use of cryptocurrencies for criminal activities.

According to informed sources, the income tax department has realized the importance of taxation of virtual currencies.