Goods and Services Tax

From past one year, Bitcoins have been much talked about topic. Since the advent of GST from 01.07.2017, it has raised the questions whether GST is applicable on bitcoins or not. Early in January it seems like Fog over levy of GST is getting cleared. Let’s understand, first of all the bitcoins are not the legal tenders as money as clarified by the ministry of finance. Now the question comes whether these are goods or services. Goods as defined by section 2(52) of CGST Act 2017 means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply. Since bitcoins are neither money nor movable properties hence they come out of the ambit of Goods. As per section 2(102) of the CGST Act Services means anything other than goods, money and securities but includes activities relating to the use of money or its conve...