Tax department exploring ways to impose GST on overseas cryptocurrency exchanges

Cryptocurrency trade by Indians on overseas exchanges may attract GST. The indirect tax department is currently examining whether GST can be imposed on such transactions.

The indirect taxes department has been examining whether it can impose Goods and Services Tax (GST) on transactions by Indian customers on overseas cryptocurrency exchanges. There are many overseas cryptocurrency exchanges that allow Indians to invest in virtual coins. Most transactions involving Indians consuming any goods and services attract a GST, based on different tax slabs under the law. According to an Economic Times report, the GST of 18 per cent could be levied on transactions overseas exchanges for transactions conducted by Indians.