The federal government is taking a look at classifying cryptocurrency exchanges as e-commerce platforms and imposing 1 per cent tax collected at supply on them underneath the products and providers tax (GST) regime. The deliberate transfer is geared toward monitoring digital forex transactions if the federal government decides to manage the area.
Cryptocurrency exchanges have been proposed to be labeled into three classes: Those who act as a facilitator, brokerages that permit shopping for and promoting, and buying and selling platforms that present an interface for buying and selling. These might need to be registered underneath GST and acquire TCS …
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First Printed: Wed, November 17 2021. 06:03 IST
