There are two ways I can do it...
1. Bitcoin sold directly to another person wihin India against NEFT/IMPS. It is like selling digital goods on OLX.
2. Bitcoin sold at a Japanese exchange, where bitcoin has a legal status, and convert JPY to INR through bank transfer. It is like Forex.
Please note that, in either case, total volume will be far less than INR 20 Lakh/year.
Bitcoin Mostly Imported Under HS Code 84718000,85437099 and hence GST @ 18% is applicable.
However, if the transaction is through online seller like zebpay, 18% GST applicable on 0.2% transaction fee charged by Zebpay.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
