Cryptocurrency Q&A
What are the fees for currency exchange?
What are the fees for currency exchange?
DigitalLegend
Mon Sep 02 2024
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5 answers
1262
Excuse me, could you please elaborate on the fees associated with currency exchange? Are there any fixed charges or do they vary based on the amount being exchanged? Are there any hidden costs that I should be aware of? Also, how does the fee structure compare to other exchange services in the market? Thank you for your time and assistance in this matter.
5 answers
KatieAnderson
Wed Sep 04 2024
Cryptocurrency and finance have been rapidly evolving fields, with new developments and innovations continuously emerging. One of the key aspects of these industries is taxation, which has become a significant concern for investors and traders alike.
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CharmedSun
Wed Sep 04 2024
For FX conversions exceeding INR 10 lakh, the GST rate increases further, with a fixed amount of INR 990 plus 0.018% of the ACE. This rate is applicable to large-scale transactions and can significantly impact the overall cost of FX activities for businesses and high-net-worth individuals.
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PulseEclipse
Wed Sep 04 2024
In India, the Goods and Services Tax (GST) has been applied to foreign exchange (FX) conversions, with specific rates and thresholds set for different amounts of currency exchanged. The Amount of Currency Exchanged (ACE) is the key factor determining the GST rate applicable.
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IncheonBeauty
Wed Sep 04 2024
For FX conversions up to INR 1 lakh, the GST rate is 0.18% of the ACE. This rate is relatively low and applies to smaller transactions, making it feasible for individuals and small businesses to engage in FX activities without incurring significant tax burdens.
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CryptoEmpire
Wed Sep 04 2024
For transactions between INR 1 lakh and INR 10 lakh, the GST rate increases, with a fixed amount of INR 180 plus 0.09% of the ACE. This rate is still manageable for larger transactions, but it does introduce an additional cost for those engaging in more significant FX activities.
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