and we will be talking about GST plus Cryptocurrency.But before that, we want to talk about something that RoHaas pointed out before the break.And RoHaas nag PAL Chief Rajan, architect hybrid finance blocks in is with us.So RoHaas.
Of course, we’re talking about this new tax regime, which is going to be a levied letter from 1st April 22.What should be the new strategy for those entering this new financial year? So I would suggest that whatever crypt as you’re holding on Indian exchanges, I would say immediately sell memo, and then you can always consider repurchasing them on first because that’s remember, new Income Tax Act comes into force.So then you would come under the new law, so I would strongly recommend squaring.So basically, even if someone is making profit in this financial year, so that’s not going to affect their tax or less events, what would happen is because they’re new lawyers, not yet in four.
So whatever profits are making this year logically, they would come under the secular tax naps.But 1st April onward, they’re going to come directly under 30%.That’s the reason I’m recommending sell off now square of your position, re buy after first so and now let’s get into the part of it Because as for a report by T, the government is working on classifying Cryptocurrency as goods or services.Under the law, Surat tax can be levied on the entire value of transactions are currently 18% of goods and services tax is levied only on services provided by crypto exchanges and is categorised as financial services.
But this 18% is only on the transaction fees, as I also mentioned earlier and not on the entire transaction value.So Ross, if spoken about the current scenario but do think this will discourage the investors and exchanges if this was to come commerciality.Sure, it would definitely be an I’d like to mention briefly the Amitabh Bachchan case, which has just taken so Amita Bachan had sold and FT is worth about u20b97 crore.And then the authorities told him that an 18% GST is payable on the entire value of the N.
F.T.And then, according to media reports, Amitabh Bachchan has paid more than a crore in just now.The meaning of this is all Crypt O’s are liable to GST not only on the transaction fee but on the entire amount.Because under the new law, that definition of digital virtual digital asset applies to all crypto, including and so nifty is liable to 18% on the full transaction.
Logical, even crypto becomes so.It is possible that from 1st April, when you buy u20b91 lakh worth of Bitcoin, you would be liable to pay 18% on the entire one.Although there has been any confirmation and government side on GST part, I believe that’s correct.Bardina Amitabh Bachchan case very clearly says that the authorities told them to be 18% and ESPN So I think that kind of makes a position very, very scary and I want to what we run out of time.
But a quick question If you trade outside of the country, then Well, in that case, most troubling JST will not Okay, So So definitely we would like to discuss this in detail in some other episode with you RoHaas But that’s all the time that we had fought this episode.Thank you so very much for joining.
