Government may impose 18% GST Tax on Bitcoin - GST NEWS
In December, the price of a Bitcoin was Rs. 15 lakh. At the same time, by January, the price of a bitcoin has become Rs. 27 lakh 48 thousand.
The government is preparing to impose GST tax soon to monitor the virtual currency bitcoin. The major reason behind this is being told about the rise in the price of bitcoin in the last few days. Let me tell you that in the last 30 days, the price of a bitcoin has increased by more than 12 lakh rupees. Last December, the price of a bitcoin was Rs. 15 lakh. At the same time, by January, the price of a bitcoin has become Rs. 27 lakh 48 thousand. In such a situation, the government is preparing to impose GST to keep an eye on the virtual currency. For this, the proposal has been sent by the Central Economic Intelligence Bureau (CEIB) and the Directorate of Revenue Intelligence.
RBI has become cautious - RBI has become cautious in view of the rapid rise in digital currency. Let me tell you, no one has control over the fluctuations of this currency nor any government of the world controls its trading. In such a situation, the government can impose GST on it to monitor it. According to media reports, Central Indirect Tax Board (CBIC) can impose 18 or 28% GST tax on bitcoin. Which will have to be paid every time its trading. After this, if someone sells bitcoin, he will also have to pay income tax on the profits made on it.
10 thousand crore rupees will be taxed by bitcoin - A senior official of Central GST said that the intelligence agencies have prepared a detailed report in this regard, saying that bitcoin alone can generate a GST of 10 thousand crore rupees. Let me tell you, the restriction on trading of bitcoin remains a big challenge. In such a situation, there is a risk of impacting currencies like rupee, dollar or pound.
What is cryptocurrency?
Explain that cryptocurrency is a digital currency, which is based on blockchain technology. The currency writing technique is used in this currency. Through this technique, the transaction of currency is completely audited, due to which it is very difficult to hack. This is the reason that the possibility of fraud in cryptocurrency is very less. The operation of cryptocurrency is independent of the central bank, which is its biggest drawback.
Know how to trade bitcoin?
Bitcoin trading is done through digital wallet. The price of bitcoin remains the same all over the world. That's why its trading became famous. The price of bitcoin keeps on decreasing according to the activities of the world. No country determines it, rather it is a currency to be digitally controlled currency. There is no set time for bitcoin trading. Its price fluctuations are also very fast.
In India you can trade on bitcoin, most popular app ZebPay
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