Indian Govt Considering Applying GST On Cryptocurrency Mining.

Indian Govt Considering Applying GST On Cryptocurrency Mining.

2022-02-10 | Big Bob

Indian Govt Considering Applying GST On Cryptocurrency Mining.

The government is investigating the application of goods and services tax (GST) on different cryptocurrency operations, notably cryptocurrency mining.

The matter is being investigated domestically at the Central Board of Indirect Taxes and Customs (CBIC), and a suggestion would be presented to the GST Council, according to CBIC chairman Vivek Johri.

According to Johri, services offered by a platform or an exchange provider have been correctly recognized as taxable services as well as have been taxed.

CBIC would take around 2-3 months. Nevertheless, the question of cryptocurrency supply necessitated a more in-depth investigation, according to Johri.

When questioned if it will be presented to the GST Council at its upcoming meeting, which is due in March, he responded, "We're attempting, but it needs to go via the law committee procedure and then go to the council."

The problem is presently being investigated by the CBIC, which might require 2-3 months, he noted.
Exemption for Electric Vehicles

Regarding the topic of a tax break for Tesla, Johri stated that no changes to the structure were necessary, whilst refusing to remark on the corporation's unique instance.

Tesla has requested a 40% import tariff on fully manufactured electric vehicles, as opposed to the existing rate of 60% on vehicles priced under $40,000 and 100% on vehicles priced over that level.

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