Tax for Crypto Exchanges decided to introduce in India
Tax for cryptocurrency exchanges decided to introduce in India
Tax for crypto exchanges decided to introduce in India. The Central Bank of India announced in late May that the country’s commercial banks have no right to refuse service to holders of accounts tied to cryptocurrency platforms.
However, at the same time, it became known that the regulatory policy of the authorities will still intensify in the coming months.
The Economic Times reported this week that the Indian government is planning to impose a tax on all crypto exchanges serving local traders.
Moreover, even those trading floors that are registered in another jurisdiction and do not have a representative office in India will be required to pay this fee. The tax rate will be 18%.
Currently, Indian crypto platforms pay 18% tax on their profits and commissions. Foreign exchanges do not pay anything to the budget at all.
Tax authorities are already developing a mechanism for classifying exchanges. It is known that trading platforms will receive the status of online services. All exchanges will have to issue it, and even those that do not have a branch in the country.
After the formation of the register of bitcoin services, the authorities plan to introduce a single tax levy for such service providers.
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