Govt likely to propose 18% GST on crypto mining, trading entities

Though the date for the next GST Council meeting has not been set, it could happen in March

The Centre will take a proposal to the Goods and Services Tax Council (GST Council) to levy GST on entities that provide a mining platform for cryptocurrency assets and those who use virtual digital assets as a medium of exchange in purchases.

While the Central Board of Indirect Taxes and Customs (CBIC) is examining the matter, its Chairman Vivek Johri told Business Standard the proposal could be to tax these at the top bracket of 18 per cent.

At 18 per cent, these entities would be paying GST at the same rate as the one on commissions earned by cryptocurrency exchanges.