Indian Government will implement 28% GST on Cryptocurrencies.
1% TDS has been implemented on all indian cryptocurrency exchanges.
1% TDS will not be detected when buying a Cryptocurrency only at the time of selling Cryptocurrency at that time one per cent TDS will be automatically detected.
TDS is deducted on only Indian Exchanges like WazirX, Bit, and CoinDcx but No TDS on international exchanges like Binance but in the upcoming months they might introduce 1%TDS.
Indian exchanges and international exchanges would have completed the KYC process but what about international exchanges there's no clear clarification on this.
After 1% TDS implementation all people have started shifting the Cryptocurrencies from Indian exchanges to international exchanges like Binance.
Shifting the Cryptocurrencies from Indian exchanges to International Exchanges, The volume on Indian exchanges is sunk to the bottom and volumes on international exchanges have touched the sky.
There was some news running around that the GST council is likely to consider imposing 28 goods and services tax on cryptocurrencies.
As per the reports, the GST council has constituted a committee which will soon take up the proposal to impose 28 GST on all activities and services related to cryptocurrencies.
This is all about Cryptocurrency 28% GST and 1% TDS. To know more about Crypto visit www.cryptocoingainers.com or Swipe Up.