Cryptocurrency is likely to attract both income tax and GST.
A comprehensive Bill is expected to be introduced in the Parliament’s Winter Session.
A media report said that the groundwork for the legislation on cryptos is getting readied.
The intent to tax is expected to be mentioned in the legislation.
And, then provisions will be added in Finance Bill to facilitate the imposition of direct tax.
There is no clarity on whether cryptos are to be treated as currency or investment asset.
It is highly unlikely to get the status of a currency .