Mumbai: The government's decision to bring cryptocurrency transactions under the tax net is going to create a new problem for crypto exchanges. Experts say that this difficulty will be in the form of an equalization levy. This is because in most cases crypto assets are bought by Indian citizens through crypto exchanges from people who live outside India. The equalization levy applies to foreign players and is applicable when the services are sold by non-Indians.
Experts say that there are many instances where there is no clarity on whether the seller in the crypto transaction is based in India or not as most of the crypto exchanges are based outside the country. It is also the case that in many cases exchanges will be covered in the definition of e-commerce players for the 2 percent equalization levy.
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Paras Savla, partner, KPB & Associates, says that in case of transactions done through crypto exchanges, the exchanges can be made intermediate for TDS collection. Experts say that when exchanges try to comply with this, they will have to first deduct TDS and then enter it in their books. Eventually, it will attract an equalization levy.
According to Rahul Garg, managing partner, Aspire Consulting, if exchanges are required to comply with withholding requirements, they will have to come to the money flow where they first collect the total amount of the transaction and then pay the seller after withholding of taxes. Will have to do This could lead to several tax compliances before the exchanges, including if the buyer is a citizen of India, crypto exchanges would be subject to the e-commerce equalization levy. This is because most of the exchanges are located outside India.
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