Ah, the sweet taste of bureaucracy 🍰! Bybit, a global cryptocurrency exchange, has decided to impose an 18% Goods and Services Tax (GST) on all transactions for Indian crypto users, starting from July 7, 2025 📆. Because who doesn’t love paying more taxes, right? 😒 The GST amount will be directly deducted from the assets received, because convenience is key! 💸
But wait, there’s more! The exchange is also putting an end to legacy products and services, because who needs those anyway? 🤷♂️
Under the new GST regulation in India, Bybit will apply GST to all transfers involving users and merchants, and the tax will be calculated based on the spread 📊. The chargeable events include:
- Spot and margin trading: Tax will be based on fees and orders 📈
- Derivatives: Tax will be based on fees 📊
- Fiat-related transactions: Buying crypto via bank or card 💳
- Withdrawals: Probably recovering the wrong deposit will also be taxed 🤦♂️
- Staking: Services fees in dealing and earned products will be taxed 📈
Bybit reported that over 310,000 active Indian users will be impacted by the new 18% GST 🤯. For example, on a ₹2,000 trading fee, users will have to pay ₹360 in GST, making the total tax amount ₹2,360 📊. Users will be able to see the amount of GST charged under their transaction history, alongside the respective fees, as reported by Bybit 📝.
But don’t worry, it’s not all bad news! Bybit is also launching the termination of some products and services from July 9, 2025, 8 AM UTC 🕰️. Because who needs those anyway? 🤷♂️
- Crypto Loans: Customers are required to settle their existing loans before July 17, and auto-repayment will be triggered for any outstanding borrowing in the account 📈
- Fiat- Bybit Card: Existing cards will be blocked from making new transactions from July 17; no new card applications available 🚫
- Trading Bots: Bots will automatically be terminated on July 9th under the new Bybit guidelines 🤖
India first enforced strict crypto taxation in 2022 with a 30% capital gains tax and 1% TDS on every transaction 📊. The users were already unhappy with the harsh tax regime, which resulted in a decline in trading activity and dissatisfied customers 😒. Now, with an additional tax, the crypto users’ reaction remains to be seen 🤔.
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2025-07-05 14:22