https://www.taxtmi.com/article/detailed?id=10086 Cryptocurrencies lack legal tender status in India, and under GST a transfer made in exchange for cryptocurrency is treated as a supply and commonly characterised as barter, generating reciprocal invoicing and GST liability. Classification as goods or services determines HSN, tax rate and valuation; valuation generally uses the rupee-denominated transaction value. Exchanges' fees attract GST, business users may require registration and input tax credit depends on use. Income tax applies to gains as business income or capital gains depending on characterization, and promotional airdrops are taxable on use or sale. Legislative clarity is required for consistent treatment and reporting. en-us Wed, 24 Nov 2021 06:17:06 +0530 Wed, 24 Nov 2021 06:17:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10086 Cryptocurrencies lack legal tender status in India, and under GST a transfer made in exchange for cryptocurrency is treated as a supply and commonly characterised as barter, generating reciprocal invoicing and GST liability. Classification as goods or services determines HSN, tax rate and valuation; valuation generally uses the rupee-denominated transaction value. Exchanges' fees attract GST, business users may require registration and input tax credit depends on use. Income tax applies to gains as business income or capital gains depending on characterization, and promotional airdrops are taxable on use or sale. Legislative clarity is required for consistent treatment and reporting. Articles Goods and Services Tax - GST Wed, 24 Nov 2021 06:17:06 +0530 https://www.taxtmi.com/article/detailed?id=10086