(CNBCTV18)
The Goods and Service Tax (GST) Council is soon likely to consider levying 28 percent GST on cryptocurrencies. The government’s view is to bring cryptocurrencies at par with lottery, casinos, race courses, and betting, sources told.
The matter is up for consideration by the GST Council’s nominated law committee, before it puts forward the suggestions to the fitment committee and to the GST Council for a formal nod. “The proposal is to levy 28 percent GST on services and all activities related to cryptocurrencies soon. The law committee’s view will be tabled before the fitment committee, and it is then for the fitment committee to suggest a rate, which is likely to be 28 percent, and post this, the proposal will be taken to the GST Council for a formal nod,” sources said.
