GST Council mulling 28% tax on Bitcoin, other cryptocurrencie

With the Goods and Services Tax (GST) Council considering imposing a 28% tax on cryptocurrencies, which could further spoil the mood of crypto investors in the country.

Equivalent to the existing GST on casinos, betting and lotteries, multiple media reports claimed on Monday.

According to reports, if the resolution is passed in the next GST meeting, sales and purchases as well as services like crypto mining are likely to attract 28 per cent GST.