bitcoin exchanges should come under gst or not n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Bitcoin exchanges should come under GST or not PowerPoint Presentation
Download Presentation
Bitcoin exchanges should come under GST or not

Loading in 2 Seconds...

play fullscreen
1 / 1

Bitcoin exchanges should come under GST or not - PowerPoint PPT Presentation


  • 5 Views
  • Uploaded on

\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.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Bitcoin exchanges should come under GST or not' - startercfo


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
bitcoin exchanges should come under gst or not

Bitcoin exchanges should come under GST or not

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.

For more information, please visit: http://www.starterscfo.in/