Hello Steemians from India

Given the uncertainties pertaining to bitcoins & other cryptocurrencies and delay in Supreme court's judgement on mainstreaming these cryptocurrencies, one thing is crystal clear – It will take a lot of time for these assets to be widely accepted and circulated as a currency in India.

![bttc.png](https://cdn.steemitimages.com/DQmay4LVcBfxR4PbcP7mafiAwRXdLgPw7KTq3ZWjcZe6mGW/bttc.png)

Despite all the limitations and uncertainties, India is still ranked among the top five countries in the world,  which holds a lion’s share of bitcoin value.

>Whether or not Supreme court passes it’s judgement this month, The Central Board of Indirect Taxes and Customs has started evaluating a proposal that will be presented before the GST Council of India shortly.  

***

## Important points of this proposal are as under ##

## GST proposal for Miners ##

* “Mining” of Bitcoin or any other cryptocurrencies in India to be treated as a supply of service as it produces cryptocurrencies as a reward and involves transaction fees.

* Transaction fees or rewards should attract taxes.

* Miners should have to register themselves under GST ( Goods & Service Taxes ) if the value of the mined crypto asset exceeds Rs. 20,00,000/- per annum.

## GST proposal for Traders ##

* Trading, transfer,  storage, supply etc. of cryptocurrencies should be considered under    
        supply of Goods & Service category. 

* A cryptocurrency transaction between an Indian buyer (residing in India) and an Indian seller (residing in India) will be considered as a supply of “SOFTWARE”.

* A cryptocurrency transaction between an Indian buyer or seller and a foreign national should be considered as an import & export of goods and IGST will be levied on this cross-border transaction. 

* The price of the cryptocurrency should be determined by the transaction value of Indian rupee or any freely convertible foreign currency.

* Place of Supply: Location of the GST registered person will be considered the place of supply. If the is made to a non registered person, then the location of the transferor will be considered as the place of Supply. 

* Indian  Wallet Service Providers will have to register them under GST

***

### What do you think guys? Are we reaching somewhere?  I would love to hear from you in the comments. ###
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