Bybit Enforces 18% GST on Indian Users Amid Regulatory Crackdown

Crypto exchange Bybit has announced the rollout of an 18% Goods and Services Tax (GST) on its services for Indian users, marking a significant shift in compliance with India’s tightening digital asset regulations.

Starting July 7, GST will be applied to key services, including spot and margin trading, derivatives, fiat transactions, crypto withdrawals, and staking-related fees. This tax is in addition to the existing 30% tax on crypto gains and the 1% TDS on transactions, further increasing the cost of crypto participation in the country.

Bybit also revealed plans to discontinue several services in India as part of its compliance measures. From July 9, legacy crypto loans, the Bybit card, and a range of trading bots will be disabled. Card transactions will be blocked from July 17, with auto-repayments initiated for outstanding balances.

While Bybit asserts these changes align with the Indian taxation framework for Virtual Digital Asset Service Providers, critics argue the increasing tax burden could stifle crypto innovation and dampen user participation in one of the world’s fastest-growing crypto markets.

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