Bitcoin trade may attract I-T, GST; taxes to be paid in this fiscal year

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The recent trigger being Tesla, Inc.’s announcement of having bought $1.5 billion in bitcoin.

Ahead of the cryptocurrency Bill, the government is likely to levy both income-tax (I-T) and goods and services tax (GST) on gains and trading of bitcoins or cryptocurrencies, said a senior finance ministry official privy to the development. A circular will be released soon, he added. “Bitcoins will be categorised as financial services attracting 18 per cent GST on fee commission collected under this segment.

Plus, tax (personal I-T) to be paid on the earnings from this,” clarified the official. Sources say both taxes will be imposed for the current fiscal year as curb …

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