n It is a well-documented fact that Bitcoin is one of the most popular cryptocurrencies that fosters online payments between individuals. One of the most amazing things is that it does not involve middlemen or any sort of financial institutions.
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It is a well-documented fact that Bitcoin is one of the most popular cryptocurrencies that fosters online
payments between individuals. One of the most amazing things is that it does not involve middlemen or
any sort of financial institutions. Now the burning question is are Bitcoin exchanges need to pay taxes;
in other words, so they need to pay goods and services tax?
According to a report, government is still confusion and cannot take suitable measures because they
have insufficient data. Bitcoin exchanges have not furnished the complete data of their revenues
generated, which makes it difficult for authorities to impose tax or calculate their net income. that’s
why, there is a lot of confusion is going around.
In fact, one more thing is that what about GST and will it be levied on the net income? Figuratively
speaking, there are many Bitcoin exchanges in India that operates flawless and they plan to discuss the
same with the Advance Authority of Ruling for answers. Now, it is the Advance Authority of Ruling who
will decide about the tax of other implications.
It will also clarify the other future tax liabilities. However, it must be noted that the tax department is
currently studying, analyzing and evaluating the philosophy of Bitcoins, as it is a critical concept and
its in-depth knowledge.
However, at this point of time, only Bitcoin exchanges can extend their help and assist authorities in
this regard. According to a source, the IT department has started looking at ways in which Bitcoins can
be brought under the umbrella of GST. In fact, they are performing detailed and analytical
investigation on the taxability of Bitcoins.
However, Bitcoin players are also under doldrums; they are constantly bombarded with the news and
tax information. They fail to understand that whether GST is applicable on revenue or on the margins
they earn. The confusion is rolling around the society due to the tax reforms; hopefully, everything will
be fine and players can regain their confidence.
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