Dear sir
u can take a phone consultation for it.
u can contact me through phone consultation I will help u in solving this issue. It is difficult to explain here
regards
CA Poorvi Jain
I want to open a current account with GSTIN and will deposit Rs.90,000 for just once in account and will buy Rs.90,000 worth of Bitcoin in low price from an International Bitcoin trading website through my current account debit card and will send the Bitcoin to Indian Bitcoin trading website and will sell it in 5-10% higher rate which will result me in the profit of Rs.3000-4000 per trade (profit can be high or low according to the market fluctuations), and the remaining Rs.90,000 will be credited back to my current account after every trade by doing a withdrawal in that particular Indian Bitcoin trading website and I will repeat this circle of trade of Rs.90,000 for 10-15 times a day at an average, which will result in Rs.18-20 lakh of bank transaction statement by debit and credit of Rs.90,000 repeatedly in my current account and I'll be earning merely Rs.30,000-40,000 of profit at the end of the day everyday (the profits can decrease and increase, it's totally dependent on the market & price fluctuations). And this traditing will result in a profit of Rs.6-9 lakh per month with a Bank Transaction statement of Rs.5-7 Crores which is really really huge for a small trader like me. And after every trade the data with of the trade with exact buying price, selling price, total amount, profit, date, time, purchase method, source of purchase and amount and a real time excel sheet data is will be created after every single trade and will be regularly maintained and it will be provided along with each and every required data whenever we'll be asked by the particular official authorized authorities. So as per my knowledge, There is no current gst slabs on Cryptocurrency trading in India, and as of the Indian government gst laws "GST can only be levied/charged on on a sale or purchase of a product or a service" but in my trading case, "There is no merchant neither a customer and neither I'm offering any service or product to any person or a company, I'm just doing this for my own and on my own, I'm the only one repeating the Rs.90,000 for 10-15 times a day and generating a huge transaction statement but getting a small profit everyday and huge bank statement every month with a small profit, So how can I be gst charged or why with which slab" and if I am getting gst charged, so here is the my main question : "If I have to file the GST every month, do I have to pay the GST of my Total generated Bank transaction statement of my repeated circle of Rs.90,000 which is Rs.5-8 Crores or I have to pay GST on the profits I made which is Rs.6-9 lakhs, because I'll not be sending this amount of Rs.90,000 to a person or a company or anyone I'll only repeat a circle of it. By purchasing the Cryptocurrency of Rs.90,000 and receiving it from a Indian crypto trading website by the receiving amount cannot be gst charged because I'm not selling any goods or services, it will be a simple INR withdrawal from a website." I kindly request to you, please reply with an
I'm short, am I will be charged every month on the total generated profits through trading or the whole total bank statement amount? And what will be the gst slab, 12,18 or 28%? Plz answer with and accurate answer because I'm really really confused and need a right answer to start my small business. Plz help.
Dear sir
u can take a phone consultation for it.
u can contact me through phone consultation I will help u in solving this issue. It is difficult to explain here
regards
CA Poorvi Jain
Dear Sir,
Hope you are doing well !!
It is advisable to take a phone consultation for detailed discussion.
To give a simple answer your transaction are similar to trading in shares or such derivatives and currently there is no GST on such transaction.
You just need to pay Income tax on profit earned.
If you need any detailed discussion we can have a phone consultation.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Hello,
It would be advisable to contact directly or take a phone consultation.
Regards,
CA Hunny Badlani
- Income generated from trading of cryptocurrency is taxable as Business income only. Petition is pending with the SC for review of its judgement.
- No GST on such income.
- Income tax will be applicable on Individual slab basis. Do the proper planning throughout the year.