The government is weighing a proposal to impose 18% goods and services tax (GST) on bitcoin transactions, estimated to be around Rs 40,000 crore annually. The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has put forward the proposal to the Central Board of Indirect Taxes & Customs (CBIC), suggesting that the government could potentially receive Rs 7,200 crore annually on bitcoins trading in the country.December 29, 2020 at 06:51AM
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