India may levy 18% GST on bitcoin
India is considering 18% Goods and Services Tax on crypto-currencies, such as bitcoin. A special task force, studying potential tax and regulatory frameworks for bitcoin purchases and sales, is considering fiscal and supervisory issues. It has already retracted statements indicating that it would seek a complete ban on virtual currencies – the black market in India has undermined many reform efforts in recent years.
India launched GST at the start of this month, consolidating over 20 indirect taxes and levies into a single, nationwide tax. Many financial services are subject to GST – as they were to the old Service Tax regime.
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