As per the article published on bloomberg, India may levy Goods and Services Tax on cryptocurrency trading, according to people with direct knowledge of the matter, even as theres lack of clarity about their legal status in the country.
The government may levy an 18 percent GST.
Cryptocurrencies could be classified as intangible goods on a par with software, they said, adding that its use in illegal activities would have to be dealt with under other laws.
Such a mess these guys have made of cryptocurrency in our country. I do not know whom to believe and whom not to. I remember reading an article which mentioned that only government has the power to ban the cryptos and RBI cannot do anything about it. They all are still waiting for verdict of the committee that has been set up.
I wish we all could get a clear information on this subject. The wait is giving so much anxiety.