India Cryptocurrency Tax Proposal: India has proposed a crypto tax in the form of GST or the Goods and Services Tax. A proposal was created to implement an 18% GST on cryptocurrencies.

India Cryptocurrency Tax Proposal

Annonymous sources told Bloomberg that the India cryptocurrency tax proposal would consider cryptocurrencies as goods and, thus, taxable. Those who are “facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services” and so will also receive the 18% crypto tax.

Miners, wallet providers, and exchanges will all be considered taxable under the 18% GST proposal.

The taxes may also be retrospective, to be applied as far back to any and all crypto transactions occurring from July 1st, 2017 and onwards. The proposal claims that based on how well crypto did from July 2017 to April 2018, the government could earn as much as Rs 360 crore ($3.6 billion US) in GST.