India to reduce GST paid on cryptocurrency exchanges from 18% to 1%
According to a report from CNBC TV18 India, the nation’s government plans to reclassify cryptocurrency exchanges as e-commerce platforms, which will reduce the Goods and Services Taxes (GST) users must pay per transaction, or per trade, to 1%.
Currently, the Indian Government levies an 18% GST on transactions conducted on registered cryptocurrency exchanges, which is passed to users as trading fees. The process is similar to the tax protocol of India’s stock brokerages.
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