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Crypto-currency trades will attract Income Tax and GST: Report

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The government will levy Income Tax and Goods and Services Tax (GST) on commissions and trading gains made from trading Bitcoins and other crypto-currencies, the Business Standard reported. While the government plans to ban crypto-currency activity in the country, the decision to tax both crypto-exchanges and crypto-investors is an indication that existing investors and crypto-firms are not going to left out to dry and that there will be a moratorium period for both sets of stakeholders to declare and square their holding. MediaNama had earlier reported that the government plans to give existing investors a window of three to six months to square their holdings, as part of the Crypto Bill which is being worked on and will be sent to the Cabinet soon for approval. While the central government plans to bring legislation to ban 'private' crypto-currency activity in the country and create a digital currency, it plans to issue a circular wherein commissions earned by exchanges, for instance, will attract a 18% GST taxation rate, the report said citing an unnamed government official.  Further, crypto-investors will need to declare the gains they made as part of their personal income-tax filings, the official said. Both taxes will be levied for the current financial year, the report said. 'Ban' or not? Three weeks ago, the government announced that it would introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban “private” crypto-currencies while at the same time providing the RBI with the requisite legal powers to…

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