The journey to defining the scope and specifics of taxation on cryptocurrency transactions under the Goods and Services Tax (GST) regime may take longer than anticipated. A committee nominated by the GST Council in 2022 has reportedly conveyed its inability to deliver a conclusive paper on the tax implications for crypto assets, informed sources to CNBC-TV18.
The GST Council is set to meet on October 7, during which the taxation of cryptocurrency is expected to be a focal point of discussions. Sources reveal that the Council is leaning towards engaging the expertise of the “Tax Research Unit” within the Central Board of Indirect Taxes and Customs (CBIC). The unit would be tasked with examining the matter in-depth and presenting a detailed paper elucidating the nature and potential tax liabilities associated with various aspects of the cryptocurrency ecosystem.
It’s worth noting that the initial responsibility to shed light on the taxation framework for crypto assets was handed over to a panel comprising state officers from Haryana and Karnataka. However, this panel has now indicated its challenges in producing the requested paper.
The entire crypto community, as well as investors, will be keenly awaiting insights and decisions emanating from this study, which will play a pivotal role in shaping the future of cryptocurrency trading and investments in the country.
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