Well I may not be correct on this but I think...
On Case 1: If you sell to another person then you need to show it as income and pay tax on it... If you have business entity then you can buy and sell and pay 18% tax on charges you charged to another person.
Like you show you buy @$6000
and sold them @$6600
Then you pay tax 18% of markup ie 600$
But if you are individual then you are going to be taxed for whole 6600$ as an income not the markup .. until n unless you can prove that you bought @ $6000 same year... and I think you can't prove it
.. Don't know if zebpay or other give GST invoice to you that can be used but no idea.. Since exchanges are going to SC for legality and IT related issues.
On Case 2. Same you don't need to pay TAX but it comes under evaluation as company income. and you need to pay tax on company profit (IF IT IS COMPANY) if not then it is same it comes under your individual income and you need to pay income tax on it..
If I'm wrong do point it..
On Case 1: If you sell to another person then you need to show it as income and pay tax on it... If you have business entity then you can buy and sell and pay 18% tax on charges you charged to another person.
Like you show you buy @$6000
and sold them @$6600
Then you pay tax 18% of markup ie 600$
But if you are individual then you are going to be taxed for whole 6600$ as an income not the markup .. until n unless you can prove that you bought @ $6000 same year... and I think you can't prove it
.. Don't know if zebpay or other give GST invoice to you that can be used but no idea.. Since exchanges are going to SC for legality and IT related issues.On Case 2. Same you don't need to pay TAX but it comes under evaluation as company income. and you need to pay tax on company profit (IF IT IS COMPANY) if not then it is same it comes under your individual income and you need to pay income tax on it..
If I'm wrong do point it..