GST Applicability on Cryptocurrency

May 7, 2021

Cryptocurrency is digital money that can be traded online for goods or/and services based on cryptography. So, in this blog, we will discuss the applicability of GST on cryptocurrency.

Did You Know?

Currently, there are more than 4,000 cryptocurrencies but Bitcoin has a huge lead when contrasted with some other cryptocurrencies. As Bitcoin has great exchange value and it is worldwide acceptable.

Crypto Transaction Prohibited in India

In April 2018, RBI restricted banks and other financial institutions from supporting Crypto exchanges after several frauds. 

However, it shall be noted that there is no law precluding Indians from purchasing/selling cryptocurrency in India. Nonetheless, the Supreme Court of India subdued the financial boycott of cryptocurrency in 2020.

How to do Deal in Cryptocurrency?

There are numerous Brokers accessible on the lookout for exchanging Bitcoins. 

You can purchase/sell partial portions of Bitcoins additionally through trade. In India, most trades offer a base capital prerequisite as low as INR 100- INR 500. These trading platforms may charge for empowering these exchanges. 

While picking your trading platform, ensure it is easy to utilize. Confirm the details of the team behind the formation of such a trading platform. Furthermore, above all, attempt to stay away from platforms that do not have a KYC set up as it may not be exceptionally secure. 

Did You Know?

On 31st December 2020, Bitcoins were valued at INR 21.5 Lakhs and today they are valued at 42 Lakhs approximately.