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Foreign Crypto Exchanges May Have to Pay 18 Percent Tax in India

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Fri, 07/02/2021 - 05:28
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Alex Dovbnya
Exchanges with Indian customers may have to pay an 18 percent tax
Foreign Crypto Exchanges May Have to Pay 18 Percent Tax in India
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Foreign cryptocurrency trading platforms with customers from India may have to pay an 18 percent goods and services tax (GST), according to a report by The Economic Times that cites people familiar with the matter.

Overseas companies that provide Online Information Database Access and Retrieval (OIDAR) services and do not have physical presence in India can appoint a person who will be liable for paying taxes.

Related
India May Backtrack on Total Cryptocurrency Ban
On July 1, Reuters reported that Indian exchanges were still struggling to find banking partners due to the Reserve Bank of India’s hawkish stance on cryptocurrencies.

WazirX, the largest Indian crypto exchange, has partnered with TRM Labs for detecting cryptocurrency fraud after it received a notice from the Directorate of Enforcement (ED) earlier this month.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.