Is gst applicable for bitcoin to inr conversion?

ITC / Input 235 views 1 replies

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.

Replies (1)

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.


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