It appears that the government of India is not banning cryptocurrencies, instead contemplating taxing them. The government is considering a proposal to lay an 18-percent Goods and Services Tax (GST) on the trading of the cryptocurrencies, Bloomberg reports. The proposal is currently being evaluated by the Central Board of Indirect Taxes and Customs (the national agency responsible for GST), and will be presented to the GST council when the draft has been finalized. The government may levy the GST on cryptocurrency retrospectively from July 1, 2017 — when GST was implemented. Government’s choice of GST is particularly interesting. The tax…
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