Currently, the Indian government levies an 18% GST on transactions conducted on registered cryptocurrency exchanges, which are passed on to users as trading fees. The process is similar to the tax protocol of the Indian stock brokers.

However, depending on the legal domicile of the exchange, the new GST proposal could result in more tax liabilities for certain users. In July, Business Insider India reported that the government may ask foreign cryptocurrency exchanges to charge the same 18% GST as domestic equivalents to their customers when doing business with Indian nationals. Overseas crypto exchanges are generally exempt from GST registration in India, resulting in a significant tax gap between users of different exchanges.

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