Bibit imposes 18% GST on Indian users. From July 7, 2025, Indian crypto users will face 18% GST in trading, staking and withdrawals.
Legacy Services Ending July 9th: BYBIT is discontinuing crypto loans, FIAT cards and trading bots as part of its compliance overhaul.
BYBIT, the global cryptocurrency exchange, recently announced that it will apply 18% Goods and Services Tax (GST) to crypto users in India from July 7, 2025. GST amounts are deducted directly from assets received. Additionally, the exchange also put an end to legacy products and services.
18% GST is India
Under India's new GST regulations, BYBit applies GST to all transfers involving users and merchants, and taxes are calculated based on spreads. Rechargeable events include:
- Spots and margin trading: Taxes are based on fees and orders
- Derivatives: Taxes are based on rates
- Fiat-related transactions: Buy crypto via a bank or card
- drawer: It is also likely that collecting the wrong deposit will be taxed.
- Staking: Service charges for transactions and acquired products are taxed
What do you expect from the new GST?
BYBIT reported that over 310,000 active Indian users will be affected by the new 18% GST. For example, a transaction fee of £2,000 requires users to pay £360 in GST, resulting in a total tax of £2,360. Users can see the amount of GST charged under their transaction history, along with their respective fees, as reported in BYBIT.
Bybit will cancel legacy products
In addition to implementing GST, Bybit has begun termination of several products and services from 8am on July 9, 2025 at UTC.
- Cryptoron: Customers will need to resolve their existing loans by July 17th, triggering an automatic repair for unpaid borrowings on their account.
- fiat- bybit card: Existing cards will be blocked from creating new transactions starting July 17th. The new card application is not available.
- Trading Bot: The bot will automatically close on July 9th under the new Bibit guidelines.
Final thoughts
India first enforced a 30% capital gains tax and a strict crypto tax in 2022 with a 1% TD on all transactions. Users were already unhappy with the strict tax system, resulting in a decline in trading activity and customer dissatisfaction. Currently, crypto users' responses are still unknown as there are additional taxes.
