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Committee suggests deferment of Decision on levying GST on Crypto

Published on June 24, 2022
Current Context: The committee of officers comprising both the Centre and states suggested, that a deeper study was needed on the issues involved in crypto.
Committee suggests deferment of Decision on levying GST on Crypto
  • It has been suggested the GST Council defer a decision on the taxability of cryptocurrency and other virtual digital assets.
  • Committee felt that it was required to identify all relevant supplies associated with crypto-ecosystem which are under the ambit of GST.
  • A recent 2022-23 Budget has brought clarity with regard to the levy of income tax on crypto assets.
  • But bringing cryptocurrency under the ambit of the Goods and Services Tax (GST) front is still not clear.
  • 1% TDS on payments over Rs 10,000 towards virtual currencies has also been introduced which will affect from July 1.
  • The threshold limit for TDS would be Rs 50,000 a year for specified persons, which includes individuals/HUFs who are required to get their accounts audited under the I-T Act.

Question:

Q.1 According to 2022-23 Union Budget,_________on payments over Rs 10,000 towards virtual currencies.
a. 2%
b. 3%
c. 1%
d. 4%
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