Источник The Hindu Business Line.com, Chennai, India
Заголовок Relief for the moment: Proposal for GST on crypto related activities may be deferred
Дата 20220623

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Relief for the moment: Proposal for GST on crypto related activities may be
deferred

Relief for the moment: Proposal for GST on crypto related activities may be
deferred

Shishir Sinha | New Delhi• Индия » Населенные пункты Индии » Города Индии » Нью-Дели, June 23 | Updated on: Jun 23, 2022

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The meeting is scheduled to take place next week in Chandigarh

The GST Council is likely to defer the issue of taxability on activities
related with virtual digital assets (VDAs) or cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. The meeting is
scheduled to take place next week in Chandigarh.

If deferred, it will give some relief, to crypto-investors at least for the
time being. These investors took to the micro-blogging site twitter on
Thursday to express their anger on Income Tax Department’s June 22
notification for compliance of TDS (Tax Deducted at Source) with effect from
July 1.

A senior government official confirmed to BusinessLine about a proposal before
the councilto clarify the nature and applicability of GST on various
supplies related with crypto.” Besides identifying all supplies, proposal also
aims to determine activities whether they are goods or services, and
accordingly finalise rate of GST. Activities related with crypto include
mining, exchange services, wallet services, payment processing, barter system,
and other different transactions etc. Now, it has to be decided which one
would be good and which one would be services.

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The official said that issue was discussed in the Fitment Committee meeting
which suggested for more in depth study. “Haryana and Karnataka are likely to
study all the aspects and submit the report to Fitment Committee. Accordingly,
Committee will finalise the recommendations for the Council. This means matter
could be deferred by the Council,” he said.

The issue of GST on crypto got more importance after Union Budget• Экономика » Финансы » Бюджет for Fiscal
Year• Экономика » Финансы » Финансовый год

• Государство » Законы и право » Правовая система России » Финансовое право » Бюджетное право » Финансовый год
2022-23 coined the coined the term Virtual Digital Assets or VDA for
different types of cryptos. It said VDA would include any information or code
or number or token (not being Indian currency or foreign currency), generated
through cryptographic means, a non-fungible token• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен or any other token of
similar nature and any other digital asset• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен, to be notified later.

As on date, earning from VDAs attract income tax at the rate of 30 per cent.
Loss from transfer of VDA cannot be set off against any other income. Gift of
VDA is being taxed in the hands of the recipient. And, from July 1, TDS (Tax
Deducted at Source) on payment made in relation to transfer of VDA at the rate
of 1 per cent of such consideration above a monetary threshold.

On the indirect tax front, in an interview to BusinessLine , Chairman of
Central Board of Indirect Taxes & Custom• Государство » Законы и право » Источники Права » Правовой обычай (CBIC) had said: “Our
interpretation is that there is clarity in the law and the commission paid to
the operator or an exchange, which is providing a platform for transaction in
digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, is in a view of service he provides to the users of that
platform and, therefore, it is the supply of service which is chargeable to
GST. Further, “in case of exchanges that are located abroad, the provision is
that the place of supply of service would be India because the recipient of
service is in India and, therefore, he will be liable to pay GST on reverse
charge basis,” he said.

Published on June 23, 2022

============= Итог: 4,3543 ; Экономика#Финансы#Платежные средства#Платежные системы интернета #Криптовалюта#NFT - невзаимозаменяемый токен 3,6844 ; Экономика#Финансы#Финансовый год#Бюджет 3,6844 ; Экономика#Финансы#Бюджет#Финансовый год 2,8953 ; Государство#Законы и право#Источники Права#Правовой обычай 1,3281 ; Индия#Населенные пункты Индии#Города Индии#Нью-Дели

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