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TMI BlogGST treatment on amount collected through ICO (Initial Coin Offering)X X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, Please suggest if an Indian Company is collecting money through ICO for it's own developed Crypto currencies. Is there any GST implication on the money collected from Investors ? Thank You, - Reply By Shilpi Jain - The Reply = A very vague position regarding the legal framework of cryptocurrency in India. Thereby not much clarity on taxation under gst. However this should no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be liable to gst. - Reply By SOWMYA CA - The Reply = Though I second Shilpi mam in regards to the legal framework for cryptocurrencies in India. It is worthwhile to go through the definition of Services under section 2(102) of the CGST Act, 2017 which states - services means anything other than goods, money and securities but includes activities relating to the use of money or its conv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ersion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged; Therefore, it could considered as a supply of service liable to GST. - Reply By Shilpi Jain - The Reply = On analysing cryptocurrencies, it is possible to fit it under goods. May not be required to go to the services definition. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Reply By Shilpi Jain - The Reply = As regards fitting this under .... but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged;... considering the lack of legal framework in India regarding cryptocurrencies (CC), it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be difficult to fit it under this phrase. This is because CC no where near to fit into the definition of money. - Reply By Ashiesh Prremji - The Reply = Thanks to both of You for Valuable Reply ! - GST treatment on amount collected through ICO (Initial Coin Offering) - Query Started By: - Ashiesh Prremji Dated:- 4-1-2022 Goods and Services Tax - GST - Got 5 Replies - GST - Discussion For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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