India plans to impose 18% goods and services tax on Bitcoin transactions
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According to a report by the Times of India on December 29, the Indian government is considering a proposal to impose an 18% goods and services tax (GST) on Bitcoin transactions, estimated to be about 4 billion rupees per year. The Central Economic Intelligence Bureau (CEIB) under the Ministry of Finance has submitted the proposal to the Central Board of Indirect Taxes and Customs (CBIC). According to sources from the Ministry of Finance, CEIB recommends that Bitcoin be classified as an "intangible asset". |
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