India to Require Overseas Crypto Exchanges to Pay 18% GST: Report
Main page News, India, Regulations

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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

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.

India's Tax Regulator Studying 2% Levy for Overseas Crypto Purchases

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error