Do cryptocurrencies attract GST?

In recent years, cryptocurrencies have emerged as a novel financial instrument, captivating investors and enthusiasts alike. However, with this rise in popularity, there have been numerous questions surrounding the taxation of these digital assets. Specifically, does the Goods and Services Tax (GST) apply to cryptocurrencies? This question has been a subject of debate among tax authorities, legal experts, and crypto enthusiasts alike. As cryptocurrencies are often bought, sold, and traded in exchange for fiat currencies or other goods and services, it begs the question: are these transactions subject to GST? Understanding the tax implications of cryptocurrencies is crucial for investors, traders, and businesses alike, as it can significantly impact their financial planning and decision-making.