Ah, dear reader, gather ’round and behold the tale of woe that hath befallen the crypto enthusiasts of India! 🤕 Bybit, that behemoth of cryptocurrency exchanges, hath decreed that an 18% Goods and Services Tax (GST) shall be levied upon its Indian users, effective July 7, 2025. But wait, there’s more! 🎉
As if the GST weren’t enough, Bybit hath also announced the discontinuation of select services, including legacy crypto loans, the Bybit card, and multiple trading bots. Cardholders, take heed! Thou shalt be blocked from new transactions by July 17, and outstanding loans shall be auto-repaid. 🚫
“In accordance with the India taxation framework, Virtual Digital Asset Service Providers will be required to charge a 18% GST (Goods and Services Tax) on service fees and trading fees to residents of India.”
Thus spake Bybit, in a statement that hath sent shockwaves throughout the land. But fear not, dear reader, for we shall break down the particulars of this new tax regime for thee. 🤔
The 18% GST shall apply to spot and margin trading, derivatives, fiat transactions, and crypto withdrawals. Deductions shall be taken directly from assets received, leaving users with a slightly lighter wallet. 💸 For example, a user selling 1 BTC at 100,000 USDT shall now receive 99,882 USDT after a combined deduction of 118 USDT in fees and GST. 🤑
Unified Trading Accounts shall incur GST on conversion activities, including auto repayments and liquidations. Native staking via On-Chain Earn shall also see GST deducted from service fees on interest payouts, though APR Boost rewards remain unaffected. 📈
Crypto withdrawals, including those recovering incorrectly deposited assets, shall face GST on withdrawal fees. For transactions across Bybit Pay, fiat buy/sell options, and OTC trading, the company hath clarified:
“GST applies to all transfers involving users and merchants and is calculated based on the spread.”
GST shall be included in the order cost calculation, and the fee components of Initial Margin and Maintenance Margin shall rise accordingly, Bybit hath noted. The 18% GST is on top of the existing 30% tax on crypto profits and the 1% Tax Deducted at Source (TDS). 📊
And so, dear reader, the crypto landscape in India hath been reshaped once more. Shall this new tax regime stifle the growth of India’s crypto economy, or shall it merely be a minor speed bump on the road to adoption? 🤔 Only time shall tell. ⏰
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2025-07-06 05:57