The Central Economic Intelligence Bureau (CEIB) has proposed a new tax on Bitcoin. Under the new law, Bitcoin would be categorized as an intangible asset. According to The Central Economic Intelligence Bureau (CEIB), Bitcoins could be categorized under the intangible assets class and a Goods & Services Tax (GST) levy could be imposed on all transactions. Now, the central government is weighing the potential of imposing an 18% GST levy on Bitcoin transactions that apparently would generate Rs 7,200 crore annually. This proposal is not necessarily new as back in May 2018, the government was already talking about a potential tax on cryptocurrency transactions. blockchain lawyer Varun Sethi said on Tuesday: All trades ideally shouldn’t have 18% GST attraction, noting that 18% should ideally be for service-based income. Does that mean bitcoin can be deemed to be taken as exchange for services. For daily traders, ideally should be treated as commodity trading & attract capital gains. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US: EIA Crude Oil Stocks Change at -6.1 million, WTI clings to gains above $48 FX Street 1 year The Central Economic Intelligence Bureau (CEIB) has proposed a new tax on Bitcoin. Under the new law, Bitcoin would be categorized as an intangible asset. According to The Central Economic Intelligence Bureau (CEIB), Bitcoins could be categorized under the intangible assets class and a Goods & Services Tax (GST) levy could be imposed on all transactions. Now, the central government is weighing the potential of imposing an 18% GST levy on Bitcoin transactions that apparently would generate Rs 7,200 crore annually. This proposal is not necessarily new as back in May 2018, the government was already talking about a potential tax… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
