GST@ 8: Bridging the gap for virtual digital assets

As the GST Council begins discussions on better integrating virtual digital assets into the existing framework, a key issue under review is whether these assets should be classified as goods, services, or intangible assets. This classification is crucial for ensuring consistency in taxation and reporting, notes Neha Shrivastava of Forvis Mazars India, in our GST@8 series marking eight years of GST in India.India’s Goods and Services Tax (GST) reaches a significant eight-year milestone on July 1. Over this period, it has matured significantly into a comprehensive indirect tax system, backed by a digital structure and a cooperative federal framework. But as India moves deeper into the digital economy, GST’s current structure has started to show its limitations, especially in its approach to the fast-growing and complex universe of Virtual Digital Assets (VDAs).Continue Reading with CNBC-TV18 Access MembershipPriority Access and Networking: CNBC-TV18’s flagship events Interaction with CNBC-TV18’s journalists Webinars & LIVE Q&As with India Inc. Leaders Exclusive CNBC-TV18 studio & newsroom tours Premium business insights, expert opinions & analysis Curated lifestyle privileges & offersBecome A Member

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