Double tax for NFTs: Deals may attract GST, equalisation levy

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After cryptocurrencies, the non-fungible token or NFT has attracted the taxman’s attention as any purchase of the blockchain digital file will attract equalisation levy and goods and services tax (GST).

This would mean that any NFT bought could become dearer by a few percentage points. The tax department is set to slap a 2% equalisation levy on these transactions. Also, the indirect tax department would seek that the exchanges pay GST on the transaction value, say insiders.

NFT arrived in India a few months back and this means that Indians can now buy art, digital goods, YouTube videos or audio files in the format.

Source from: https://economictimes.indiatimes.com/news/economy/finance/double-tax-for-nfts-deals-may-attract-gst-equalisation-levy/articleshow/85381175.cms

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