Quote from: Saleemlala on July 17, 2019, 08:12:03 PM

Hi guys,

So off late, I've been buying and selling a lot of cryptocurrency on some of the P2P exchanges like koinex loop (now shut), wazirx and bitbns.

I was using my personal account for this till now, but I believe that the volumes are becoming too much. Hence, I was thinking about opening a current account for trading as I've seen several other people do. My question is, what should I register for under gst, as I can turn around 20L in 2-3 days just trading 1btc a day roundtrip. Also, how would I go about filing this gst return as there is no gst on bitcoin yet.

Would appreciate any advice and experience.

Why do you want to register for GST?
You are not running any business. You are just buying and selling assets and making capital gains. You are not required to register under GST since there is no GST liability applicable on you.
It is good if you open separate account from your personal account for trading purpose however it is not mandatory to open current account. Current account is necessary if your business is making large number of cash deposits and cash withdrawals. But since you are using P2P networks, all transactions are rooted directly to your bank account. You can go with saving account too. However, if you receive and send over 10 transactions daily then better go with current account.