The government is pitching for global cooperation on regulating such assets
The Central Board of Indirect Taxes and Customs (CBIC) has sought from India’s top cryptocurrency exchanges details such as the type of digital coins and tokens being traded and their valuation, and how they are divisible.
The body wants to bring crypto assets within the ambit of goods and services tax (GST), and is working on the definition and classification of the crypto asset class to determine taxability on the value of each transaction.
“We had meetings with crypto exchanges on wide-ranging issues relating to the asset class. We have sought a detailed report on different crypto products being traded and their respective transaction fees and how they are getting calculated,” a senior official in know told Business Standard.
First Published: Oct 28 2022 | 10:29 PM IST