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India may levy 18% GST on bitcoin

  • GST
  • 16 July 2017 | Richard Asquith

India may levy 18% GST on bitcoin

India is considering 18% Goods and Services Tax on crypto-currencies, such as bitcoin. A special task force, studying potential tax and regulatory frameworks for bitcoin purchases and sales, is considering fiscal and supervisory issues.  It has already retracted statements indicating that it would seek a complete ban on virtual currencies – the black market in India has undermined many reform efforts in recent years.

India launched GST at the start of this month, consolidating over 20 indirect taxes and levies into a single, nationwide tax.  Many financial services are subject to GST – as they were to the old Service Tax regime.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.