Indian government might soon require overseas cryptocurrency exchanges to pay 18% Goods and Services Tax (GST), The Economic Times has learned, citing experts close to the matter. The Central Board of Indirect Taxes and Customs is trying yo figure out whether overseas cryptocurrency exchanges should be obliged to pay GST if they have clients from India.
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However, the domestic cryptocurrency exchanges still do not know if they should pay GST either. The experts say the exchanges still do not know the rate and the amount on which it is to be paid.
At the same time, Indian cryptocurrency exchanges are struggling to find new payment solutions as domestic banks started cutting ties with them. The exchanges are facing another round of hostility after the Reserve Bank of India (RBI), India's central bank, found negative impact cryptocurrencies might have on financial stability.
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