Indian Crypto Users Slammed With 18% GST as Bybit Complies With Tax Regulation
Main Idea
Bybit is implementing an 18% GST on various crypto services in India starting July 7, 2025, in compliance with local tax regulations, while also discontinuing several services in the country.
Key Points
1. Bybit will apply an 18% GST on spot and margin trading, derivatives, fiat assets received, and other services from July 7, 2025.
2. The tax is in addition to India's existing 30% tax on crypto profits and 1% TDS.
3. Bybit will disable several services in India, including legacy crypto loans, the Bybit card, and multiple trading bots.
4. Cardholders will be blocked from new transactions by July 17, and outstanding loans will be auto-repaid.
5. Some crypto advocates argue that rising tax burdens may hinder the growth of India's crypto economy and discourage long-term adoption.
Description
Bybit is hitting Indian crypto traders with an 18% GST and widespread service shutdowns as strict new regulations reshape the nation’s rapidly evolving digital asset landscape. Bybit Hits India With 18% GST as Multiple Crypto Services Begin Final Shutdown Cryptocurrency exchange Bybit is introducing higher transaction costs for Indian users, as it prepares to implement
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