GST Council may discuss cryptocurrencies, composition of tribunals in June meet

In the upcoming meet in June, the Goods and Services Tax (GST) Council is likely to discuss rate rationalisation and digital assets, including cryptocurrency, sources told CNBC-TV18 on Tuesday.

Sources said the GST Council is likely to meet in the second half of June and discuss the possibility to cover virtual, digital and crypto assets under the GST.

The GST Council has for long been mulling bringing cryptocurrencies under GST. According to sources, it has been proposed to levy a 28 percent GST on cryptocurrencies -- at par with lottery, casinos, race courses, and betting.

The Council may also lay down contours for GST tribunals. Tribunals have been a long-standing demand of the industry to reduce and fastrack litigation. Therefore, "the government is likely to have national, regional, state and area-wise tribunals across the country," sources said.

They said more than one tribunal is likely in large states like Maharashtra, Tamil Nadu, Uttar Pradesh and Rajasthan. "The Council will likely discuss the composition of tribunals, structure and benches...and technical and judicial powers (the tribunals will have)," they said.

The agenda for the June meeting might also include an extension of compensation for states which expires on June 30. "The Council is unlikely to extend the window of compensation. However, the timeline for GoM (Group of Ministers) on rate rationalisation might be extended by another 6 months," sources said.