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    Home » Crypto News » Foreign Cryptocurrency Exchanges Could Face 18% Tax in India: Report

    Foreign Cryptocurrency Exchanges Could Face 18% Tax in India: Report

    Author: Jordan Lyanchev

    Last Updated Jul 2, 2021 @ 08:12

    Foreign cryptocurrency exchanges operating in the large Indian market could soon start to pay a new tax of 18%.

    While India’s central bank maintains a hostile stance against local digital asset exchanges, it seems the country will look to implement a new tax for foreign trading venues, which have taken a sizeable share of the market lately.

    • The world’s second-most populated nation continues to dabble with cryptocurrency regulations and legislations.
    • The latest report on the matter claims that foreign digital asset exchanges may become subject to new taxation.
    • More precisely, they could be required to pay GST if it’s established that they have customers operating from India.
    • According to the coverage, almost all such trading platforms do not pay taxes now. However, should the new proposition come into effect, they will be taxed 18%.
    • Businesses providing Online Information Database Access and Retrieval (OIDAR) services will be able to appoint a designated team responsible for paying taxes.
    • At the same time, a Reuters report indicated that local exchanges still struggle with finding banking organizations willing to work with them.
    • This is because the Reserve Bank of India continues with its adverse policy against the industry, despite the removal of the previously instituted ban.
    • While the government contemplates how it should treat cryptocurrency assets, the RBI maintains that they are too speculative and dangerous. Most recently, the bank’s governor said the bank had conveyed its concerns to those in power.
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    Tags: India Taxation
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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