Proposal to levy 18% GST alarms crypto exchanges

Cryptocurrency exchanges have expressed alarm after a report said that the government is proposing to levy hefty goods and services tax (GST) on their trading.

To be sure, the report, which appeared in The Times of India on Tuesday, has been described by a finance ministry official as “speculative” and “unfounded”.

Cryptocurrency exchanges fear transactions will move out to international exchanges or to peer-to-peer websites. Exchange executives also said regulatory clarity will give legitimacy to crypto trading.