Taxation on Cryptocurrency, NFTs and Virtual Digital Asset (VDA)

Income Tax Income from Capital Gains
21

If I Sell Bitcoin to an exchange for 1Lac, then do I need to collect GST on the sale of this?

Or GST just need to paid on services?

22

Hi @Ankur_Jain

VDAs/crypto are regarded as ā€œgoodsā€ under the GST Act, and hence GST is applicable on the same.
The seller of crypto is required to pay GST and collect from their buyer.

Hereā€™s a read on GST on Supply of Cryptocurrency, NFT, VDA - Learn by Quicko for your reference.

23

Hello @TeamQuicko

Is airdrop income shown under VDA schedule or Income from other sources under section 115bb of ITR?

Also, can crypto f&o losses be setoff against equity f&o gains?

And, if buying any NFT, can the ETH gas costs be added into buy price as total cost of acquisition?

Thank you.

24

Hey @Nyk,

Crypto airdrops are taxable as ā€œIncome from Other Sourcesā€ at a slab rate. Also, crypto losses cannot be carried forward set-off against any other losses.

Moreover, ETH gas costs cannot be added to the cost of acquisition of NFT.

Hope this helps!

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