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Crypto-investors of India will have to pay taxes in the amount of 18% of the transaction



The country's authorities are engaged in amending the legislation.



23.May.18 9:39 AM
By Shawn Highstraw
Photo Toinnov.com

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Crypto-investors of India will have to pay taxes in the amount of 18% of the transaction
Most states are currently solving the issue of regulation of the crypto-currency market. And if some countries take a rather tough position with respect to investors and exchanges, others - care primarily about the fact that digital assets are not used in criminal activities. One way or another, lawmakers are working to amend the current legislation to cover the relationship arising from the use of virtual money.

In particular, in India, work is under way to draft changes to existing regulations. We are talking about initiatives aimed at establishing taxes for individuals making crypto-currency transactions. The rate is set at 18% of the cost of goods and services.

At the moment, the corresponding initiative is being discussed at the Central Council for Indirect Taxes and Customs Duties. It is assumed that crypto-currencies in India can be equated to software products and treated as digital goods. Thus, the state is going to assess the transactions with them as the delivery of goods.



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