This blog post is about the gst effects on cryptocurrency future Bitcoin legal???? People also want to know about the gst effect on bitcoin??? How to pay taxes on Bitcoin profit??? Now first here in this post we tell you about what is bitcoin and how it works.
WHAT IS BITCOIN????: It is the first and the most popular crypto-currency all over the world.This is a kind of currency that is not controlled by the bank or a single administrator. Who would control the rate of exchange????who would back this currency??? this doesn't matter actually any more in this currency. Bitcoin is based on blockchain technology,this is like a ledger of bitcoin transactions. It is the first crypto currency and was created in the year 2009. Since than some other crypto currencies also comes like Ethereum, Zcash, Dash, Ripple etc. Now the question arises is bitcoin comes under GST?????? what our govt. decided on Bitcoin in GST????????
WHAT IS BITCOIN TRADING AND HOW IS IT WORK????: Bitcoin trading comes in two scenarios either you can buy them or mine them??? This is a virtual currency so you can not physically mine them,it is for those who are good programmers and have special skills to solve puzzles of computer programs and win BITCOINS. As per today BITCOIN chart 1 bitcoin= 737037.42 Indian rupees. Now they have not banned in India lets know what GST has to say about Bitcoin trading.
GST EFFECTS ON BITCOIN IN INDIA: Now lets find out what gst effects on bitcoin in India
BITCOINS GENERATED THROUGH MINING: It is kind of self generated assets hence not possible to know the cost of the assets. As according to section 55 of income tax clearly define the tax slabs and Bitcoins not comes under this. Income tax may not consider Bitcoin as capital assets at all. But as an alternate solutions for this problem is to be can collect tax on value of mined bitcoins.
BITCOIN INVESTMENT: If it is considered as a capital assets than flat 20% tac on long term investment directly. For short term investment slabs as per latest reports.
Now if considered income from other sources than have to pay the tax as they fall under which slab like greater than 10 lakh slab than have to pay tax rate 30%.
BITCOINS USED IN STOCK-IN-TRADE:
In this case there are individual tax slabs for all the amount used for trades like bitcoins converted into trade as the total asset to be invested than have to pay according to tax slabs.
BITCOINS RECEIVED AS PAYMENT: In similar fashion like above the amount received as per the tax slabs have to pay the GST.
BEST GST SOFTWARE GST BILLING SOFTWARE
GST ACCOUNTING SOFTWARE GST INVENTORY SOFTWARE
GST RETAIL SOFTWARE GST TRANSPORT SOFTWARE
WHAT IS BITCOIN????: It is the first and the most popular crypto-currency all over the world.This is a kind of currency that is not controlled by the bank or a single administrator. Who would control the rate of exchange????who would back this currency??? this doesn't matter actually any more in this currency. Bitcoin is based on blockchain technology,this is like a ledger of bitcoin transactions. It is the first crypto currency and was created in the year 2009. Since than some other crypto currencies also comes like Ethereum, Zcash, Dash, Ripple etc. Now the question arises is bitcoin comes under GST?????? what our govt. decided on Bitcoin in GST????????
WHAT IS BITCOIN TRADING AND HOW IS IT WORK????: Bitcoin trading comes in two scenarios either you can buy them or mine them??? This is a virtual currency so you can not physically mine them,it is for those who are good programmers and have special skills to solve puzzles of computer programs and win BITCOINS. As per today BITCOIN chart 1 bitcoin= 737037.42 Indian rupees. Now they have not banned in India lets know what GST has to say about Bitcoin trading.
GST EFFECTS ON BITCOIN IN INDIA: Now lets find out what gst effects on bitcoin in India
BITCOINS GENERATED THROUGH MINING: It is kind of self generated assets hence not possible to know the cost of the assets. As according to section 55 of income tax clearly define the tax slabs and Bitcoins not comes under this. Income tax may not consider Bitcoin as capital assets at all. But as an alternate solutions for this problem is to be can collect tax on value of mined bitcoins.
BITCOIN INVESTMENT: If it is considered as a capital assets than flat 20% tac on long term investment directly. For short term investment slabs as per latest reports.
Now if considered income from other sources than have to pay the tax as they fall under which slab like greater than 10 lakh slab than have to pay tax rate 30%.
BITCOINS USED IN STOCK-IN-TRADE:
In this case there are individual tax slabs for all the amount used for trades like bitcoins converted into trade as the total asset to be invested than have to pay according to tax slabs.
BITCOINS RECEIVED AS PAYMENT: In similar fashion like above the amount received as per the tax slabs have to pay the GST.
BEST GST SOFTWARE GST BILLING SOFTWARE
GST ACCOUNTING SOFTWARE GST INVENTORY SOFTWARE
GST RETAIL SOFTWARE GST TRANSPORT SOFTWARE
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