NEW DELHI : Clarity on applying goods and services tax (GST) on crypto or virtual digital assets appears to be around the corner, with the Central Board of Indirect Taxes and Customs (CBIC) working on an agenda paper on the topic. The board has been interacting with the industry to decide on the GST rate for crypto assets and identify whether they should be classified as ‘goods’ or a ‘service’, besides related issues.

The move is expected to offer some relief to the crypto industry, which has complained about tax notices seeking GST on the gross value of the crypto asset, as against the service fees or the commission.

The agenda paper will likely be presented to the fitment panel of GST and then to the GST Council. CBIC, under the department of revenue in the ministry of finance, is the nodal department for GST.