GST shadow on Indian cryptocurrency firms; foreign platforms go free

In the absence of regulations, international crypto and NFT platforms are escaping the GST net

The government is imposing goods and services tax (GST) on India-based cryptocurrency platforms, even as international crypto and non-fungible token (NFT) platforms continue to avoid paying taxes owing to the absence of regulations.

“In the absence of concrete regulations, the tax authorities are making unreasonable demands on Indian crypto companies. And we have to give in as we do not want any trouble,” said a top executive at a crypto platform who did not wish to be named. “International crypto platforms that are seeing billions of dollars of transactions from India do not face such demands. This will only encourage us