Even though the Department of Indirect Taxes has opened investigations against several crypto exchanges for evading the Goods and Services Tax (GST), it may also have set a precedent around the categorization of crypto assets for tax purposes. Legal experts have long debated the categorization – and tax treatment – of cryptocurrencies. They have yet to converge on whether a cryptocurrency is indeed a currency, a commodity, a service or something else.
Source: tittlepress.com
