GST Ready India

GST Ready India’s Latest News and Updates

GST on Bitcoin? Cryptocurrency trade may get taxed 18%: Report

May 24, 2018

GST on Bitcoin? Cryptocurrency trade may get taxed 18%: Report

It seems that the Modi government’s distrust of cryptocurrencies is surpassed only by its keenness to tax that gravy boat. Last April, the RBI had directed banks to wrap up all dealings with virtual currency players within three months. But before that, in February, the Income Tax Department had issued about one lakh notices to people who had invested in cryptocurrencies like Bitcoin without declaring it in their income tax returns – just days after Finance Minister Arun Jaitley announced that the government did not consider cryptocurrencies as legal tender. And now, the buzz is that the government may bring cryptocurrency trading within the ambit of the Goods and Services Tax (GST). Click to read more

Govt mulls GST on virtual currency trading

The Central Board of Indirect Taxes and Customs is considering a Goods and Services Tax levy on cryptocurrency trading despite a lack of clarity about their legal status in the country.

The tax authorities have proposed an 18 per cent GST on trading in cryptocurrencies, a report quoted people with direct knowledge of the matter as saying.

The proposal will be tabled before the GST Council after it is finalised, the report said. Click to read more

Surprise! GST on crytocurrency? Bitcoin tanks as India mulls crypto tax

Bitcoin prices slipped over 7 per cent in the last 24 hours on Thursday following reports India is mulling slapping a tax on cryptocurrencies in the form of the Goods and Services Tax (GST). At 2:30 pm, Bitcoin was trading at $7,335.85, down 7 per cent from $7900-odd level it traded in the previous session at the same hour, data available with Coindesk showed.

The fall came after a Bloombergquint report, citing unnamed sources, claimed that the government may levy an 18 percent GST on crytocurrencies. “The proposal, being considered by Central Board of Indirect Taxes and Customs, will be tabled before the GST Council after it’s finalised, the report said. Click to read more

India Mulls GST On Trading Of Virtual Currencies

India may levy Goods and Services Tax on cryptocurrency trading, according to people with direct knowledge of the matter, even as there’s lack of clarity about their legal status in the country.

The government may levy an 18 percent GST, the people said requesting anonymity as they weren’t authorised to speak to the media. The proposal, being considered by Central Board of Indirect Taxes and Customs, will be tabled before the GST Council after it’s finalised, they said. Click to read more

Bringing petrol, diesel under GST will lower prices: Devendra Fadnavis

Fuel prices will come down once the Centre builds a consensus to bring petrol and diesel under the Goods and Services Tax (GST), Maharashtra Chief Minister Devendra Fadnavis said today. Petrol and diesel prices are defined by international crude oil rates, Fadnavis noted.

“A task force is already working on reducing the fuel prices. If it (petrol and diesel) can be brought under GST, rates will come down. Maharashtra has already given its consent for it,” the chief minister told reporters here. Click to read more

Bringing GST on petrol, diesel will lower prices: Devendra Fadnavis

Petrol and diesel prices will come down once the centre builds a consensus to bring them under the goods and services tax (GST), Maharashtra chief minister Devendra Fadnavis said on Thursday.

Petrol and diesel prices are defined by international crude oil rates, Fadnavis noted.

“A task force is already working on reducing the fuel prices. If it (petrol and diesel) can be brought under GST, rates will come down. Maharashtra has already given its consent for it,” Fadnavis said in Mumbai. “The GST Council will also have to look into aspects like revenue losses before taking a decision.” Click to read more

How to douse fuel fire? Bring petrol, diesel under GST, says Devendra Fadnavis

Amid a nationwide outrage over rising fuel prices, Maharashtra Chief Minister Devendra Fadnavis on Thursday pitched for bringing petrol and diesel under the purview of GST, saying it would ensure reduction of rates.

“A task force is already working on reducing the fuel prices. If it (petrol and diesel) can be brought under GST, rates will come down,” he told reporters here. He said Maharashtra has already given its consent for bringing petrol and diesel under the purview of GST which was rolled out on July 1 last year but “other states have not given their consent yet.” Click to read more

GST, demonetisation were revolutionary steps taken by PM: VP Naidu

Vice President M Venkaiah Naidu said on Wednesday that Goods and Services Tax (GST) and demonetisation were “revolutionary steps” taken by Prime Minister Narendra Modi towards making the nation corruption free.

Praising Prime Minister Modi for introducing various central schemes for the development of the country, the Vice President said, “With the introduction of GST and demonetisation, the Prime Minister took revolutionary steps. The GST revenue in April has crossed Rs 1.4 lakh crore, indicating high hopes for the new tax regime.” Click to read more

Will take up inclusion of ATF under GST with finance ministry: R N Choubey

Amid an increased demand from airlines for inclusion of Aviation Turbine Fuel (ATF) in the GST tax regime, Civil Aviation Secretary R N Choubey on Tuesday said the matter would be taken up with the finance ministry as jet fuel prices have risen 40 per cent since January, 2017.

“If ATF is brought under the GST regime, we can get input tax credit,” he told reporters here, adding that he would meet Revenue Secretary Hashmukh Adhia in this regard. Click to read more

Father-son duo arrested for Rs 28 cr GST evasion

New Delhi, May 24 (PTI) A father-son duo has been arrested by GST officers for tax evasion of Rs 28 crore, marking the first arrest in the national capital under the new indirect tax regime.

The Shahdara-based duo was held on May 22 for issuing invoices fraudulently, a finance ministry statement said. The arrest was made by the Central Tax, GST Delhi, East Commissionerate. Click to read more

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