Govt working on GST on crypto transactions, defining legal framework

The government is working on a comprehensive indirect tax regime for crypto assets, which will check revenue loss to the exchequer due to the uncertain nature of these assets, reported Livemint on Monday. 

Nirmala Sitharam-led finance ministry is planning to define the characteristics of cryptocurrencies, their use, and how they fit into the existing legal framework, people aware of the development told Livemint. The ministry, after deciding its legal nature, will fix the GST rate for cryptocurrencies, as it could be in a new GST slab rate, between 18 per cent and 28 per cent, reported Livemint, quoting its sources. 

“We are still discussing the applicability of GST in case of crypto assets…right now, it is