The other way round is charging trading fee inclusive of all taxes. As in if you are charging 100 INR as the trading fee which is defined as your service and if their trading fee is above 10L per annum, then that 100 INR would include 87.34 as the trading fee and 12.66 INR service tax.
Yah. I understand that. But, I am asking if the trading platforms can charge 0.003 BTC instead of 100 INR. In that case, they do not have to pay that 12.66 INR as service tax... is not it?I found explicit mention of tax (which I guess is service tax) on UnoCoin bitcoin price calculator. But, could not find anything as such on CoinSecure & BTCxIndia. I understand their calculation would be different as they are primarily a trading platform. So, service tax is probably calculated on their trading commission, which does not directly affect their end user. But, is it the case, that they are booking profit in bitcoin and hence exempt of any service tax at all. Can someone shed light into this?
Coinsecure pays from fees collected.
Gonna send this to Vipul to take a look at.
We collect in BTC and INR fees, but convert BTC value to INR for taxation.
