The Centre will take a proposal to the Goods and Services Tax Council (GST Council) to levy GST on entities that provide a mining platform for cryptocurrency assets and those who use virtual digital assets as a medium of exchange in purchases. While the Central Board of Indirect taxes and Customs (CBIC) is examining the matter, its Chairman Vivek Johri told Business Standard the proposal could be to tax these of 18 per cent.
At 18 per cent, these entities would be paying GST at the same rate as the one on commissions earned by cryptocurrency exchanges. Johri said the CBIC would …